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What is the medicare part b irmaa for 2022

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The higher your income, the more you will pay for your Medicare Part B premiums. The extra amount you pay in monthly premiums corresponds to your income level. With no IRMAA, the.

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IRMAA applies to individuals whose modified adjusted gross income on their 2020 tax returns was more than $91,000 per individual or $182,000 for a couple. ... people with Medicare pay an amount called a deductible. In 2022, the Part B deductible is $233. After the deductible has been paid, Medicare pays most (generally 80%) of the approved cost.

IRMAA rates for 2022 In 2022, Medicare Part B saw a high increase of premium of 14.5% (jumping from $148.50 in 2021 to $170.10), which led to higher premiums for higher-income. Medicare Part B prices are set to rise in 2022, in part because the Biden administration is looking to establish a reserve for unexpected increases in healthcare spending. Part B premiums are set to increase from $148.50 to $170.10 in 2022. Annual deductibles will also increase in tandem from $203 to $233. For example, a retiree who is 70 years old and living in the D.C. area with self-plus-one enrollment and Medicare Parts A & B with income below $182,000 can enroll in United Choice Primary Retiree Advantage and save about $1,800 in estimated yearly costs compared to the least expensive FEHB plan with Parts A & B, CareFirst HDHP.

Part B costs: What you pay in 2022: Premium. $170.10 each month (or higher depending on your income). The amount can change each year. You’ll pay the premium each month, even if you.

The first step is to request a reconsideration of the Social Security Administration’s initial determination (the amount being charged or deducted). You can make the request by calling SSA at 1-800-772-1213. You can submit a Medicare IRMAA Life-Changing event form . Or, schedule an appointment with your local Social Security office. Each Medicare Part D plan in 2022 must cover at least a standard level of coverage that is set by the government. In general, Part D plans cover: ... Please note this will also impact any IRMAA that you have on your Part B premium. Out-of. The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021. View complete answer on cms.gov.

Medicare Part B premium. While zero-premium liability is typical for Part A, the standard for Medicare Part B is a premium that changes annually, determined by modified adjusted gross income and tax filing status. For 2020, the standard monthly rate is $144.60. However, it will be more if you reported above a certain level of modified adjusted.

Standard Medicare premiums can, and typically do, go up from year to year. Increases from the standard premium, which is $170.10 a month in 2022, start with incomes above $91,000 for an individual and $182,000 for a couple who file taxes jointly. Updated April 7, 2022 Will my Social Security benefit decrease if the Medicare premium increases?.

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The Income Related Monthly Adjustment Amount, better known as IRMAA, is a surcharge that is added to the current year's Medicare Part B (hospital coverage) and Part D (prescription drug coverage) premiums for those who have earned " too much " income in a given year. The income that used to determine IRMAA is defined by Medicare as. In 2022, the standard Part B premium is $171.10 per month, or $2,053.20 for the entire year. You become eligible for Medicare Part B when you turn 65, and the cost of the monthly premiums will be. Monthly Medicare Premiums for 2022 The standard Part B premium for 2022 is $170.10. If you're single and filed an individual tax return, or married and filed a joint tax return, the following chart applies to you:. The typical person on Medicare will pay at least $289 more in 2022, just for Part B coverage, and double that to $578 for a couple. IRMAA surcharges are also increasing 14.5%. By David Enna, Tipswatch.com Just a month after learning their Social Security payments will increase 5.9% in 2022, retirees got some harsh news.

IRMAA is determined by income from your income tax returns two years prior. This means that for your 2021 Medicare premiums, your 2019 income tax return is used. This amount is recalculated annually. What is the Irmaa for 2021? The maximum IRMAA in 2021 will be $356.40, bringing the total monthly cost for Part B to $504.90 for those in that.

The standard Part B premium amount in 2022 is $170.10. Most people will pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). Published: Jan 12, 2022. Download Image. In November 2021, CMS announced the monthly Medicare Part B premium would rise from $148.50 in 2021 to $170.10 in 2022, a 14.5% ($21.60) increase. This is.

Medicare Part B comes with an annual deductible: $233 in 2022. After you meet the deductible for the year, you typically pay 20% of the Medicare-approved amount for doctor services and other.

The IRMAA is an extra charge added to your standard premium. Medicare Part D and MAGI. A similar situation exists with respect to Medicare Part D, which helps pay for prescription drugs. As with Medicare Part B, the.

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. The Medicare Income-Related Monthly Adjustment Amount (IRMAA) is an amount you may pay in addition to your Part B or Part D premium if your income is above a certain level. Since 2007, high-income Medicare enrollees have been required to pay the IRMAA surcharge for Part B coverage. An IRMAA surcharge for Part D premiums took effect in 2011. The Income Related Monthly Adjustment Amount, better known as IRMAA, is a surcharge that is added to the current year's Medicare Part B (hospital coverage) and Part D (prescription drug coverage) premiums for those who have earned " too much " income in a given year. The income that used to determine IRMAA is defined by Medicare as. On following page, they showed a table if you filed Single, or Married, your MAGI, then Part B IRMAA (monthly premium). The MINIMUM monthly premium for married, filing jointly is lowered to $68 a month! , and get this, that is for your MAGI of $182,000 to $228,000!!!. An IRMAA is a surcharge added to your monthly Medicare Part B and Part D premiums, based on your yearly income. The Social Security Administration (SSA) uses your income tax information from 2 years ago to determine if you owe an IRMAA in addition to your monthly premium.

IRMAA 2021 annual reimbursements will be issued in October 2022. Medicare-eligible retirees and their Medicare-eligible dependents can submit an IRMAA application if they paid above the standard amount of $148.50 per month. If you did not pay more than the standard amount, then you are not eligible for IRMAA. Reasons to Not Enroll in Medicare Part B. About 70 percent of federal retirees decide to enroll in Part B and the case to take Part B has been made even stronger recently with new low-cost plan options (see below), but there are situations where it may not be the best choice for you. You're Subject to IRMAA. In 2022, high earners pay $238.10 to $578.30 a month per person for Part B, depending on their income. The surcharge is usually based on your most recent income tax return on file, which is the 2020 return for most people in 2022. But if your income has dropped since then because of certain life-changing events — such as marriage, divorce.

Most people will pay the standard amount for their Medicare Part B premium. However, youll owe an IRMAA if you make more than $91,000 in a given year. ... 2022 Medicare Part B monthly premium 2022 Medicare Part D monthly premium; $91,000: $578.30: your plans premium + $77.90:. A new table for Medicare Part B premiums for 2022 has also not yet been released. However, this year's IRMAA rates will likely be reasonably close, Elsasser said.

What are the adjusted Part B and Part D premiums for IRMAA in 2022? February 10, 2022 10:17. Please refer to the tables below:.

This is found by multiplying the current year’s standard Medicare part B premium by 4. We know this is true because the Medicare Board of Trustees has stated that the standard. This is found by multiplying the current year’s standard Medicare part B premium by 4. We know this is true because the Medicare Board of Trustees has stated that the standard.

2022 Medicare Part B Premiums . Medicare Part B premiums for 2022 will increase by $21.60 from the premium for 2021. The 2022 premium rate starts at $170.10 per month and increases based on your income, up to to $578.30 for the 2022 tax year. Your premium depends on your modified adjusted gross income (MAGI) from your tax return two years.

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An income-related monthly adjustment amount, or IRMAA, is an extra Medicare cost added to your Part B and Part D premiums. The Social Security Administration determines whether you're required to pay an IRMAA based on the modified adjusted gross income reported on your IRS tax return from two years prior.

Individuals who reported MAGIs under $85,000 and married couples filing jointly who reported MAGIs under $170,000 on their 2019 returns are paying the current Medicare part B premium of $148.50 a. IRMAA is a consideration with two parts of MedicarePart B and Part D. Part B of Original Medicare, commonly referred to as medical insurance, features a standard monthly premium.

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The sliding currently scale starts at $88,000 for individual income and $176,000 for married filing jointly income. The following chart shows 20figures 21 as 2022 figures were not available at time of printing. The amount shown for Part B is inclusive of the standard 20 21 Medicare Part B premium. The Medicare Part B 2022 standard monthly premium is $170.10. Updated 2022 IRMAA brackets can increase Medicare Part B monthly premiums by as much as $408.20 and. In 2022, the standard monthly Part B premium will increase from $148.50 to $170.10. But some enrollees could end up paying quite a bit more for their Medicare coverage. In 2022, the standard Part B premium is $171.10 per month, or $2,053.20 for the entire year. You become eligible for Medicare Part B when you turn 65, and the cost of the monthly premiums will be.

May 06, 2022 · What Is the Medicare IRMAA for 2022? Most Medicare Part B beneficiaries pay the standard premium of $170.10 per month in 2022, which applies to anyone who reported an individual income at or below $91,000 in 2020, or a married couple who earn no more than $182,000 per year in 2020..

This is found by multiplying the current year’s standard Medicare part B premium by 4. We know this is true because the Medicare Board of Trustees has stated that the standard.

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare.

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Medicare Part B prices are set to rise in 2022, in part because the Biden administration is looking to establish a reserve for unexpected increases in healthcare spending. Part B premiums are set to increase from $148.50 to $170.10 in 2022. Annual deductibles will also increase in tandem from $203 to $233.

IRMAA is an acronym for Medicare’s income-related monthly adjustment amount (IRMAA). This is a higher premium charged by Medicare Part B and Medicare Part D to individuals with higher incomes. How Does IRMAA Work? IRMAA is an increased premium that some Medicare beneficiaries pay based on their income.

. most medicare beneficiaries pay the standard monthly premium, which is set to cover 25 percent of part b and part d program costs, but a relatively small share of beneficiaries (around 6 percent in 2015) with incomes above $87,000 for single people and $174,000 for married couples are required to pay higher premiums for medicare part b and part. Medicare Part B. Medicare Part B (medical insurance) is part of Original Medicare and covers medical services and supplies that are medically necessary to treat your health condition. This can include outpatient mental health care, preventive services, ambulance services, and durable medical equipment. It also covers eligible part-time or. Medicare Part B provides outpatient medical coverage, including doctor visits, surgeries, physical therapy, and more. You must pay the Part B premium monthly, which in 2022 is $170.10. This is a significant increase from the $148.50 in 2021. Keep in mind that if you are a high-income earner, you will pay more for Part B. Nov 28, 2021 · How much are Part B IRMAA premiums for 2022? If an individual makes $91,000 or more – or a jointly filing household makes $182,000 or more – then the IRMAA assessment increases the 2022 Part B premium to the amounts shown in Table 1. Source: CMS.

On top of the Medicare Part B deductible, individuals are also responsible for a premium amount — the standard monthly premium for Medicare Part B is approximately $170.10 for 2022. The Part B premium is typically automatically subtracted from an individual's monthly fixed income; If your adjusted gross income is more than a certain amount. Lettice— filing individually had a MAGI of $92,000 in 2020. She will be subject to IRMAA in 2022 because her income is in the 'more than $91,000 or but less than $114,000 bracket'. Lettice's 2022 Medicare Part B premium will be $238.10 per month (base premium of $170.10 plus a surcharge of $68) Her 2022 Medicare Part D premium will be based. Medicare part B does not cover: Part B Premium - The standard Part B premium amount is $170.10 (or higher depending on your income) in 2022. Part B Deductible & Coinsurance - $233 per year in 2022. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services.

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For each 12-month period you are eligible for Medicare Part B but do not enroll, you receive a 10% premium penalty. In most cases, you are required to pay the penalty as long as you remain enrolled in Medicare Part B. However, if you are eligible for Medicare before age 65, your penalty will be reset at 65. About 7% of beneficiaries will pay a higher Part B premium due to the Medicare Income-Related Monthly Adjustment Amount (IRMAA). 7 If your individual income is $91,000 or more, or joint income is $182,000 or more, you will be charged a higher Part B premium. Income-adjusted premiums range from $238.10 to $578.30 a month, depending on income. To be reimbursed for IRMAA, you must complete the IRMAA Reimbursement Request application and submit it to the Employee Benefits Division along with proofs of payment of your Medicare Part B premium. Please refer to the IRMAA Reimbursement Application instructions for more information.

The standard premium is $148.50 in 2021. You could pay more than that if your income is higher than a certain amount, and less if you qualify for state-based help if your income is lower than a certain amount. A Part B deductible applies to some covered services. The annual Part B deductible is $203 in 2021. Unlike Medicare Part A, Medicare Part B requires a premium from everyone. The standard premium for Medicare Part B in 2021 is $148.50 a month, which applies to most people, including new enrollees. That premium changes each year, usually increasing. In 2022, the Part B premium jumps to $170.10 a month.

Medicare Part B provides outpatient medical coverage, including doctor visits, surgeries, physical therapy, and more. You must pay the Part B premium monthly, which in 2022 is $170.10. This is a significant increase from the $148.50 in 2021. Keep in mind that if you are a high-income earner, you will pay more for Part B.

The Income-Related Monthly Adjustment Amount (IRMAA) penalty applies to individuals whose modified adjusted gross income is greater than the specified threshold amounts. This means you will pay a greater amount on the monthly Medicare Part D prescription drug plan premiums and Part B coverage premiums. The threshold amounts in 2017 are as follows:. The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). For 2022, the standard Part B premium increased to $170.10 per month, an increase of $21.60 per month. This was the largest dollar increase in the program's history . Several factors contributed to the size of the increase. For one thing, the premium increase for 2021 was artificially limited by congressional action.

In 2021, most individuals with Medicare Part B paid $148.50 per month. In 2022, their monthly premium jumps to $170.10 per month – an increase of $21.60 per month. This is the standard, or base.

Most people will pay the standard amount for their Medicare Part B premium. However, youll owe an IRMAA if you make more than $91,000 in a given year. ... 2022 Medicare Part B monthly premium 2022 Medicare Part D monthly premium; $91,000: $578.30: your plans premium + $77.90:.

More than $750,000. $504.90. $578.30. $73.40. Your annual deductible will also see a sizable increase in 2022. In 2021, you had to spend $203 to reach the yearly deductible amount. The Medicare Part B deductible rose to $233 in 2022 - a $30 increase. If you've retired or had another income-changing event since 2020, you can complete this.

Along with the premium spike, the annual deductible for Medicare Part B beneficiaries is rising to $233 in 2022, up from $203 in 2021. Medicare is the federal health insurance plan covering more.

The standard premium for Part B in 2022 is $170.10 for individuals who earn less than $91,000, individuals who filed jointly with an annual income of $182,000 or less, and couples who file separately with an income of $91,000 or less. The IRMAA is the dollar amount added to the standard premium. For those filing individually, the monthly rate ....

What is an IRMAA for Medicare? Most Medicare beneficiaries pay the standard Part B premium. Beneficiaries who have a Part D plan typically pay a monthly premium for their drug coverage. The standard premium for Medicare Part B in 2022 is $170.10 per month. Part D premiums are sold by private insurers so there is no "standard" premium. First, there is the standard premium that everyone must pay. The Part B standard monthly premium in 2019 is $135.50 per month. Part D Standard Premiums vary based on the particular plan you individually get. The second part of your Medicare premium is the Income Related Monthly Adjustment Amount, or IRMAA. Your Modified Adjusted Gross Income. The 2022 standard Part B premium of $170.10 is $21.60 higher than the 2021 premium of $148.50. We estimate that the total premium increase, for the approximately 60 million Part B enrollees in 2022, will be $15.5 billion, which is an annual effect on the economy of $100 million or more.

Higher-income beneficiaries must pay more for Medicare Part B, medical insurance. ... This IRMAA adjustment is added to the 2022 standard premium of $170.10. In 2022, a single filer or a married individual filing a separate return will be subject when the MAGI is $91,000, an increase of $3,000 from 2021..

Part D IRMAA Rates in 2022. The income-related monthly adjusted amount (IRMAA) is the amount Medicare beneficiaries have to pay on their Part B and Part D premiums if their income.

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The standard premium for Part B in 2022 is $170.10 for individuals who earn less than $91,000, individuals who filed jointly with an annual income of $182,000 or less, and couples who file.

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In 2022, the Medicare Part B base premium is $170.10 but can be as high as $578.30 for those with a higher income. ... (IRMAA) in addition to your monthly Medicare Part B premium. To notice a difference in your premium, your annual income would need to exceed $91,000 when filing individually or $182,000 when filing jointly.

The Income Related Monthly Adjustment Amount, better known as IRMAA, is a surcharge that is added to the current year's Medicare Part B (hospital coverage) and Part D (prescription drug coverage) premiums for those who have earned " too much " income in a given year. The income that used to determine IRMAA is defined by Medicare as.

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The typical person on Medicare will pay at least $289 more in 2022, just for Part B coverage, and double that to $578 for a couple. IRMAA surcharges are also increasing 14.5%. By David Enna, Tipswatch.com Just a month after learning their Social Security payments will increase 5.9% in 2022, retirees got some harsh news. The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). Medicare Part A Premiums. The monthly premiums for Medicare Part A range from $0-$471. Most people don't pay a monthly premium for Part A. If you buy Part A, you'll pay $471 each month in 2021 if you paid Medicare taxes for less than 30 quarters and $259 each month if you paid Medicare taxes for 30-39 quarters. The 10 percent penalty is assessed on the Standard Premium (e.g., 10 percent of $148.50 = $14.85 for one 12-month period) $14.85 x 12 = $178.20/year/person Versus paying IRMAA $207.90 x 12 = $2,494.80/year/person $297.00 x 12 = $3,564.00/year/person $386.10 x 12 = $4,633.20/year/person 21 Appealing IRMAA Cost of Medicare Part B. The standard Medicare Part B premium in 2022 is $170.10. Last year, the Part B premium was $148.50. The Medicare Income-Related Monthly Adjustment Amount (IRMAA) is an amount Medicare beneficiaries pay in addition to your Part B or Part D premium if their income is considered to be at a certain level. Review your 1040 tax return from 2020.

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2022 Medicare Parts A, B, D premiums + IRMAA. The IRMAA first tier will go from $88K/176K to $91K/182K. They look at tax returns from two years prior. So 2022 will use 2020 income. And 2023 will use this year's income. (TYpo corrected) I plan to take Roth conversion this year up to the first tier of IRMAA.

The income-related monthly adjustment amount, or IRMAA, is a surcharge that high-income people may pay in addition to their Medicare Part B and Part D premiums. The.

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However, the Center for Medicare and Medicaid ( CMM) has released information on the premiums for Parts C and D. In a press release put out in late September, the agency noted that in 2022 "the.
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This applies to about 7% of enrollees for Part B and about 8% for Part D, Medicare said. Monthly Part B premiums for those hit with an IRMAA will range from $238.10 to $578.30, depending on the.

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare.

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In 2022, the standard Part B premium is $170.10 per month (vs. $148.50 in 2021), however, your premium may be higher depending on your income level. You will also have an annual deductible of $233 (vs. $203 in 2021) before Part B insurance kicks in. In all Part D plans in 2022, after you’ve paid $7,050 in out-of-pocket costs for covered medications, you leave the donut hole and reach catastrophic coverage, where you will pay only $3.95 for generic drugs and $9.85 for brand name medications each month or 5% the cost of those drugs, whichever costs more. 7. 2022 Medicare Parts A, B, D premiums + IRMAA. The IRMAA first tier will go from $88K/176K to $91K/182K. They look at tax returns from two years prior. So 2022 will use 2020 income. And 2023 will use this year's income. (TYpo corrected) I plan to take Roth conversion this year up to the first tier of IRMAA.

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The income-related monthly adjustment amount, or IRMAA, is a surcharge that high-income people may pay in addition to their Medicare Part B and Part D premiums. The Medicare IRMAA for Part B went into effect in 2007, while the IRMAA for Part D was implemented as part of the Affordable Care Act in 2011. IRMAA payments go directly to Medicare. Key Takeaways. IRMAA is a pesky fee that high-earning Medicare members have to pay each month.; Your 2022 IRMAA is based on your Modified Adjusted Gross Income (MAGI) from 2020.; The Medicare Part B 2022 standard monthly premium is $170.10.; Updated 2022 IRMAA brackets can increase Medicare Part B monthly premiums by as much as $408.20 and Medicare Part D monthly premiums by as much as $77.90.

Medicare IRMAA in 2022. Medicare Part B will see a 15% cost increase in 2022. This is one of the largest in the history of the program. Not only will premiums rise significantly,.

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IRMAA surcharges also apply to Medicare Part D premiums for drug plans and are based on the same income ranges as the Part B surcharges. In 2021, the Part D surcharges ranged from $12.30 to $77.10 a month. These amounts will also be adjusted in 2022. Appealing IRMAA surcharges There is a special form needed to file an appeal of IRMAA surcharges.
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Reasons to Not Enroll in Medicare Part B. About 70 percent of federal retirees decide to enroll in Part B and the case to take Part B has been made even stronger recently with new low-cost plan options (see below), but there are situations where it may not be the best choice for you. You're Subject to IRMAA.

A new table for Medicare Part B premiums for 2022 has also not yet been released. However, this year's IRMAA rates will likely be reasonably close, Elsasser said. 12:42 PM - Mar 15 #1. On another topic affecting our wallets: Part B reimbursement is tentatively slated for April, 15, 2022 WITH THE IRMAA APPLICATION TO COME OUT RIGHT AFTER THAT. Don't forget IRMAA must be applied for every year. UFT just did an informal survey and found that many retirees were completely unaware of IRMAA 's very existence.

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If you are a new Medicare Part B enrollee in 2022, you will be reimbursed the standard monthly premium of $170.10 and will only need to provide a copy of your Medicare card. ... LAFPP does not reimburse IRMAA fees, so your Part B reimbursement will not exceed the 2022 standard monthly premium of $170.10. 5. I receive a monthly Social Security.
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