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Medicare Part B Premium Costs

    Home General Articles Medicare Part B Premium Costs
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    Medicare Part B Premium Costs

    Medicare Part B Premium Costs

    By Ed Crowe | General Articles | 0 comment | 21 April, 2016 | 0

    Medicare Part B Premium Costs

    When turning 65, individuals need to understand the Medicare Part B Premium costs.

    Individual Medicare recipients pay a premium each month for Part B. If you receive either Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium is automatically deducted from your benefit payment.  If you do not get these benefit payments, you will receive a bill and can submit your payment from there.

    Most people will pay the standard premium amount. However, if your modified adjusted gross income is above a certain amount, you may have to pay an adjustment.  In fact, this amount is determined by what is on your IRS tax return from 2 years ago.  This fee is called an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge that Medicare adds to your premium.

    The standard Part B premium amount is $121.80.   The amount may be higher, this depends on your income.

    If your yearly income in 2014 (for what you pay in 2016) was You pay (in 2016)
    File individual tax return File joint tax return File married & separate tax return
    $85,000 or less $170,000 or less $85,000 or less $121.80
    above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $170.50
    above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $243.60
    above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $316.70
    above $214,000 above $428,000 above $129,000 $389.8

     

    Click here for the Medicare.gov income requirements and information.

     

    Click here to request a no obligation Medicare quote.

    If you have questions regarding Medicare Part B costs or are ready to investigate plan options, please either call the office at 203-796-5403 or email us at admin@croweandassociates.com.  We are Medicare specialists and will be happy to help you navigate the both the options and process.

    Medicare Part B ,Medicare part B cost ,part B premium ,Part B premium costs

    Ed Crowe

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