Avoid the IRMAA Penalty: Don’t Let $1 Cost You Thousands

In this video, I'm going to show you how to avoid the IRMAA penalty so you don't let $1 cost you thousands. If you’re on Medicare or joining soon, the most expensive surprise usually shows up two years after you make a big money move. It’s called IRMAA, and it can raise your Medicare premiums significantly—even if you picked the right plan.

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In this video, Mark Fonville explains how the two-year lookback works, what counts as income (including the tricky rules for municipal bonds), and simple strategies to avoid the IRMAA surcharge. If you’ve saved over $1 million for retirement, avoiding this cliff can save you thousands in unnecessary costs.

What You'll Learn:

→ How the two-year lookback turns yesterday's financial decisions into tomorrow's Medicare surcharges
→ Why tax-exempt municipal bond interest can trigger IRMAA (even though it doesn't raise your taxes)
→ The exact premium increases at each IRMAA tier and how they compound for couples
→ When to use form SSA-44 to lower your premiums after a life-changing event
→ Strategic ways to smooth Roth conversions and avoid crossing IRMAA cliffs
→ How Qualified Charitable Distributions (QCDs) can reduce both your taxes AND your future Medicare premiums

About Covenant Wealth Advisors:
We help individuals with over $1 million in retirement savings retire with peace of mind through a lifetime of clarity and partnership. Serving individuals in Richmond, Reston, and Williamsburg VA and virtually across the United States.

Disclosure: Covenant Wealth Advisors is a registered investment adviser. The information presented in this video is developed from sources believed to be providing accurate information and is for educational purposes only. This content should not be considered investment, tax, legal, or financial planning advice, nor a solicitation for the purchase or sale of any security. The information provided is not intended to be used for the purpose of avoiding federal tax penalties. Because we don't know your individual circumstances, this general information may not apply to your situation. Before making any financial decisions, consult with a qualified financial advisor, CPA, attorney, or other appropriate professional who can evaluate your specific needs. Investing involves risk, including the potential loss of principal. Past performance does not guarantee future results, and no investment strategy can guarantee a profit or protect against loss in periods of declining values. For more information about our firm, including our services and fees, please visit our website or review our Form ADV, available at adviserinfo.sec.gov.