When I asked ChatGPT to explain how the IRMAA Sliding Scale Tables can affect retirees:

“The Income Related Monthly Adjustment Amount (IRMAA) is a surcharge added to Medicare Part B and Part D premiums for high-income retirees. The IRMAA sliding scale tables are used to determine the amount of the surcharge based on the retiree’s modified adjusted gross income (MAGI).

The IRMAA sliding scale tables can affect retirees because they determine how much extra they will pay for their Medicare coverage. The higher their MAGI, the higher their IRMAA surcharge will be.

For example, in 2021, if a retiree’s MAGI is between $88,000 and $111,000, they will pay an extra $59.40 per month for their Medicare Part B premium. If their MAGI is between $111,000 and $138,000, the surcharge increases to $148.50 per month. The surcharge can be as high as $504.90 per month for those with MAGI over $500,000.

These extra costs can add up for retirees who are already living on a fixed income. They may need to adjust their budgets or cut back on expenses to account for the higher Medicare premiums. It’s important for retirees to plan ahead and understand how the IRMAA sliding scale tables can affect their retirement income.”