Short answer: Yes. If a major life-changing event has reduced your income, you can ask Social Security to recalculate your IRMAA using more recent income, instead of the tax return from two years ago. You request it with Form SSA-44, and qualifying events include marriage, divorce, the death of a spouse, work stoppage or reduced hours, and loss of income.
IRMAA, the income-related surcharge added to Medicare Part B and Part D premiums, is normally based on your tax return from two years earlier. That can overstate your current income after a big change. Life-changing events include marriage, divorce, the death of a spouse, loss of income, and an employer settlement payment, and any of them can let you ask for a lower amount.
If your income has gone down, you may also use Form SSA-44 to request a reduction in your income-related monthly adjustment amount. You submit the form with proof of the event, such as a death certificate or a letter from your employer, online, by mail or fax, or by calling Social Security. If you simply disagree with an IRMAA decision rather than reporting a life event, you also have the right to appeal it.