Premiums for Medicare Part B (which covers some doctor’s bills, home health care, and medical equipment) are pricey at $164.90 a month, about $1,979 a year. But 7% of people with Part B get hit with a special Medicare monthly surcharge that can boost those premiums dramatically.That surcharge is known as an Income-Related Monthly Adjustment Amount, aka IRMAA. In 2023, it can more than triple Part B premiums to as much as $560.50 a month or $6,732 for the year.There’s also an IRMAA surcharge for 8% of Medicare beneficiaries who have Part D plans (prescription drug coverage). It can be $76.40 a month—$912 a year—on top of Part D premiums charged by health insurers.The IRMAA surprise in MedicareIRMAA, enacted by Congress in 2003 and expanded in 2011, is Medicare’s extra fee for high-income beneficiaries.The Social Security Administration’s Annual Determination Notices of upcoming IRMAA surcharges, sent to Medicare beneficiaries each November, “certainly come as a surprise to people,” says Casey Schwarz, senior counsel for education and federal policy at the Medicare Rights Center, a nonprofit advocacy organization.“IRMAA just seems to be one of those pain points for people,” says Taylor Schulte, CEO of the Define Financial retirement planning firm in San Diego. “I think a big part of it is that it catches them off guard.” He calls the surcharges “pesky.”If you’re slapped with an IRMAA surcharge, there are a few ways you may be able to appeal to have it reduced or even eliminated. There are also some savvy financial moves you can make to head off an IRMAA bill in the future.One reason it comes as a surprise to some: IRMAA is based on a Medicare beneficiary’s income two years earlier, because that’s the best income data the government has.Some people in their 50s and early 60s, Schulte says, don’t realize that their income in retirement might be higher than when they worked full-time due to Social Security, pensions, and retirement plan withdrawals or distributions

There are 1.7 million charities nationwide to choose from - this quiz helps people discover their personal guide to giving. SAN DIEGO, July 29, 2022 /PRNewswire/ -- Gen Z and Millennials are poised to be the leading force in charitable giving. 84% of millennials already give to charity, and as they age and increase their wealth, they will surpass Baby Boomers and Gen Xers in terms of dollars donated. These emerging philanthropists are also powerful societal changemakers, passionate about supporting issues they care about. They want to learn where they can make an impact that matters to them. Coin Up, a mobile app platform where donors can give effortlessly and securely to their favorite charitable cause, has developed an interactive "Generosity Quiz" to do just that. It is a fun personality type quiz that takes about 2 minutes to reveal the quiz taker's giving style, whether they prefer monthly recurring or one-time donations. The Coin Up initiative, supported by a grant from The Bill & Melinda Gates Foundation and in-kind support from IDEO, will help people determine how they can be part of the change they want to see in the world. Anyone can take the Generosity Quiz to discover their generosity personality and learn about causes that resonate with them. Quiz link: Quiz.CoinUpApp.com