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What is I.R.M.A.A.?

Will the Government automatically reduce my client’s monthly social security because of I.R.M.A.A.?

My answer is, “Yes, they can reduce it without any warning.”

Have you been receiving calls from your clients realizing they will be hit by the I.R.M.A.A. Bracket in Retirement or maybe you had one of those “What is this?” moments. It happened to me. I’m Andy Roman, owner of Senior Benefits Services and recently I had a client’s mother call me in a panic because she was about to lose $500 from her monthly social security check and didn’t know why.

With a bit of investigative work, I was introduced to a solution which provides a way to input your client’s numbers into the platform and see how their retirement will develop. You can find the loopholes and create a protection.

Interested in learning more?

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Want to know more about I.R.M.A.A. and the power behind the I.R.M.A.A. Calculator®?

Here is a short excerpt from a recent article in Investment News with the founder of I.R.M.A.A. Solutions, Craig Cheney with Mary Beth Franklin.

Several financial software companies now offer products to help advisers estimate health care expenses and incorporate those costs into a retirement income plan.

WealthConductor, a fintech firm that provides retirement income planning software, recently announced the launch of a new product, Health+ as part of its IncomeConductor program. Through the integration of HealthView Services data, advisers are able to incorporate personalized actuarial longevity projections, Social Security claiming options and health care expense projections, including both Medicare premiums and out-of-pocket costs, into their clients’ plans.

Separately, 65 Inc., a Medicare consulting firm, recently announced the launch of i65, a suite of software tools to help financial advisers and their clients optimize health care choices in retirement.

As a trusted advisor to your clients, you will want to know firsthand what this is all about. The best way to recommend the report is to experience it for yourself. Let’s look at the process which is used to provide you with a report for your clients.

Just 3 easy steps.

Step 1

Sit down with your client and fill in some basic information. This information includes things like name, retirement income sources, and tax filing status. This step generally takes less than 10 minutes to complete. After you have filled in the information, your part is done!

Step 2

The Medicare IRMAA Calculator software then takes that information and compares it against thousands of up-to-date data points. It uses the pre-retirement/retirement income to identify if your client’s SS Net Benefit Income will be affected by IRMAA through Age 90.

Step 3

We will identify if IRMAA will have an impact on SS Net Benefit Income along with providing income planning solutions to eliminating or reducing an IRMAA Risk in your client’s retirement plan.

CLICK HERE TO GET YOUR IRMAA REPORT


 

Interested in knowing more or setting up a time to talk?

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Still not convinced?

Here’s what is about to happen.

Medicare premiums have been rising, yet social security has been receiving less funding than they need to pay out the promised benefits. And according to the Social Security Administration, Medicare is estimated to rise by 7% while SS will only rise by 2.8%. This means your Social Security benefits may end up covering little else! How is Social Security going to help you in retirement if nearly nothing is left after Medicare?

"But won't retirements accounts and 401(K)s help me?"

Retirement accounts and investments can be taxed, which is how I.R.M.A.A. takes your money. Medicare is based on income: if you make more money you pay more premiums. This is what I.R.M.A.A. is. I.R.M.A.A. looks at your higher "income" from retirement accounts and raises your Medicare premiums, sometimes using up all of your SS benefits!

If Medicare costs are not properly factored into your retirement plan, your plan could easily be worthless.

WANT TO LEARN MORE?

What happens if your client has been affected by I.R.M.A.A.? Can it be reversed?

In order to eliminate/reduce IRMAA for your client, the situation has to be a Life Changing Event, not Financial Changing. Life Changing events are: Loss of a Job, Death of Spouse, or Divorce as examples.

They must complete SSA 44 Form in order to have the Government consider eliminating/reducing an IRMAA Bracket. Your client must convince the government that their income will never hit the IRMAA Peak ever again in retirement.

And then you wait…

The Government can reply anytime they want, 2 weeks, 6 months. It's on their time to reply.

Because this is becoming a rule rather than an exception, the IRS has been sending pre-emptive IRMAA letters to anyone that files for Medicare. What is part of this letter is the discussion whether the retiree qualifies or not for IRMAA. Advise your clients about the letter.

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