Day: June 23, 2024

Day: June 23, 2024

What is IRMAA?What is IRMAA?

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In 2024 the Medicare Board of Trustees is projecting that over 7.5 million retirees will be in IRMAA, and it will cost them an extra $23.4 billion, but, exactly, what is IRMAA?

What is IRMAA?

IRMAA is an acronym that stands for medicare’s Income Related Monthly Adjustment Amount.

The Medicare Handbook defines IRMAA as “an extra charge to your premium” if you are earning too much income.

Ultimately, IRMAA is a tax on your income through Medicare, but you have to be earning a certain amount of income beforehand to qualify for it.

Who is IRMAA for?

According to Social Security.gov, which is responsible for placing people in IRMAA and collecting the surcharges, IRMAA is for:

Medicare beneficiaries that “have modified adjusted gross income (MAGI) above the threshold for their tax filing status pay an IRMAA in addition to the monthly premium.”

These Medicare beneficiaries that are eligible for IRMAA must be in either or:

  • Medicare Part B.
  • Medicare Part D.
  • Medicare Advantage Plan with or without prescription drug coverage.
  • They also must not be receiving financial assistance in meeting any of the premiums too.

When did IRMAA start?

IRMAA was established in 2003 with Congress passing the Medicare Modernization Act.

It did not take effect until 2007.

How do you qualify for IRMAA?

You qualify for IRMAA by your modified adjusted gross income or MAGI. The greater your MAGI the greater your possibility of not only reaching it, but also possibly finding yourself in a higher surcharge bracket.

There are 5 different IRMAA thresholds that increase by income which in 2024 are:

Individual MAGI Couple MAGI Part B (monthly) Part D (monthly)
<$103,000 <$206,000 $174.70 Premiums (varies)
$103,000 – $129,000 $206,000 – $258,000 $244.60 Premium + $12.90
$129,000 – $161,000 $258,000 – $322,000 $394.40 Premium + $33.30
$161,000 – $193,000 $322,000 – $386,000 $454.20 Premium + $53.80
$193,000 to $500,000 $386,000 to $750,000 $559.00 Premium + $74.20
>$500,000 >$750,000 $594.00 Premium + $81.00

Which Tax Return does Social Security use?

The Social Security Administration will always ask, electronically, the Internal Revenue Services (IRS) for the MAGI amounts of all Medicare beneficiaries who are not receiving financial help in either October or November of the current year.

Because the tax year is not complete the IRS will use the previous year’s tax return.

The Steps of the IRMAA determination process:

  • Step 1: The Centers for Medicare Services (CMS) around the end of October will create the IRAA Thresholds for 2024.
  • Step 2: CMS will then notify the Social Security Administration (SSA) to ask the to determine who will be in IRMAA for 2024.
  • Step 3: The SSA will, electronically, send the Social Security Numbers (SSN) of every eligible Medicare beneficiary to the Internal Revenue service (IRS). They will request the MAGI amounts for those who are over at least the initial IRMAA Threshold.

What Does MES Stand For?What Does MES Stand For?

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Introduction

MES, or {Manufacturing Execution System, is a integrated system designed to oversee and monitor factory processes. At its essence, an

Manufacturing Execution System

platform acts as the vital bridge between overarching business platforms and plant level operations. It facilitates seamless coordination and information sharing between multiple functional domains within manufacturing organizations.

Unpacking the Meaning

The initialism “MES” stands for three key aspects:

Manufacturing – This pertains to the tangible activities of converting raw materials into completed goods through various stages. Manufacturing includes a wide range of fields, from electronics to pharmaceuticals. It involves processes such as Assembly, treatment, packaging, and quality control.

Execution – This component focuses on the real performance of factory plans and activities. It incorporates converting high-level instructions into tangible actions on the production line. Execution includes tasks such as scheduling, assigning tasks, following output, and record keeping.

System – An MES is a unified computer solution that combines various capabilities and tools to support streamlined factory implementation. It acts as a centralized center for gathering, analyzing, and distributing essential operational data.

History and Origins

The need for Manufacturing Execution Systems emerged as producers realized the significance of linking the disconnect between corporate resource solutions (ERPs) and live factory floor operations. Although ERPs provided high-level forecasting and resource management capabilities, they often fell short in the ability to adequately manage minute-by-minute operational activities.

Primitive electronic control systems laid the foundation for modern MES solutions. But, it was not until the establishment of the Manufacturing Enterprise Solutions Association in the early 1990s that standardization initiatives began in full swing. This non-profit organization strived to developing standards and best practices for deploying and leveraging MES systems.

As advancement progresses, MES systems have kept pace to incorporate new principles such as the Industrial Internet of Things (IIoT) and smart manufacturing methodologies. State-of-the-art MES platforms utilize cutting-edge innovations like cloud platforms, data analytics, AI, and Industrial Internet of Things interfacing to facilitate increased efficiency, flexibility, and competitive advantage.

Closing Remarks

In essence, MES is the acronym for Manufacturing Execution System – a vital software platform that orchestrates and oversees real-time manufacturing operations. Its function is indispensable in enabling streamlined, superior production processes in today’s demanding industrial environment. By linking the gap between enterprise plans and shop level execution, MES platforms enable factories to realize improved responsiveness, throughput, and profitability.