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.
Because insurance is often times overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions! Talk to an experienced agent about your Medicare options today!
For immediate assistance, call us toll-free at (844) 446-9157!