In this study, we investigate the potential of heavy quarkonia within a magnetized hot QGP medium having finite momentum anisotropy. The phenomenon of inverse magnetic catalysis is introduced into the system, influencing the magnetic field-modified Debye mass and thereby altering the effective quark masses. Concurrently, the impact of momentum anisotropy in the medium is considered that influence the particle distribution in the medium. The thermal decay width and dissociation temperature of quarkonium states, specifically the 1S and 2S states of charmonium and bottomonium, are computed. Our results reveal that both momentum anisotropy and the inverse magnetic catalysis effects play a significant role in modifying the thermal decay width and dissociation temperature of these heavy quarkonia states.