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Developing a formula for assigning IRMAA premiums to incomes
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Creating a formula to assign Income-Related Monthly Adjustment Amount (IRMAA) premiums to specific income levels is essential for accurate Medicare billing. For incomes below $218,000, the premium is straightforward at $203. However, for incomes between $218,000 and $342,000, you'll need a more nuanced approach. An IF statement can effectively categorize these income ranges, referencing a table that outlines corresponding premiums. This method ensures that individuals are charged appropriately based on their income, streamlining the process and enhancing clarity in Medicare premium calculations.
Medicare premiums are based on income. I'm trying to write a formula that references a row of different incomes to a table that shows the annual IRMAA premiums. Using an IF formula to calculate premiums below the $218,000 is easy, as is the premium above the top threshold, but what would be the formula to reference the premium for income values between those levels?
| 2026 IRMAA Income Thresholds & Medicare Premiums | Part B | Annually/2 People |
|---|---|---|
| Less Than | $218,000 | 203 |
| 218-274k | $274,000 | 284 |
| 274-342k | $342,000 | 406 |
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