Medicare Part B Premiums
Beneficiaries typically pay a monthly premium for Medicare Part B. For most people, the Part B Premium is $134. If you can not afford to pay the Part B premium, there are programs that may help. Part B premiums are subject to change from year to year. People with higher incomes pay a higher Part B premium. Below are the premium costs depending on income:
In 2017, if the modified adjusted gross income for an individual is:
- Less than $85,000: Part B premium is the standard $134 with no extra premium for your Prescription Drug Plan (PDP).
- $85,001-$107k: Part B premium is $187.50 plus an additional $13.30 for a PDP.
- $107,001-$160k: Part B premium is $267.90 plus an additional $34.20 for a PDP.
- $160,001-214k: Part B premium is $348.30 plus an additional $55.20 for a PDP.
- $241,000-428k your Part B premium is $428.60 plus an additional $76.20 for a PDP.
Income ranges for joint returns are double that of individual returns. Social Security uses the income reported on your most recent tax return to determine the Part B premium. For example, the income reported on a 2016 tax return filed in 2017 is used to determine the monthly Part B premium in 2018. Contact Social Security if you filed an amended return or your income has gone down.
Your premium may also be higher if you did not choose Part B when you first became eligible. The cost of Medicare Part B may go up by 10% for each 12 month period that you could have had Part B but did not take it. An exception would be if you or your spouse is still employed and you are covered by a group health plan through that employment. In that case, you could delay enrolling in Part B without a penalty.
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