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|
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 [email protected] We are Medicare specialists and will be happy to help you navigate the both the options and process.