How Much is Medicare part B

When you are getting close to the age of 65, you might get a little anxious thinking about what steps you need to take to get you Medicare benefits.  One of the questions you probably have is How Much is Medicare part B. .   If you are retired and living on a fixed income this is an important question to ask.  Medicare Part B covers your necessary medical services and supplies.  In 2018 the standard cost for Medicare Part B is $134.00 a month for an individual.

According to federal law, some higher-income beneficiaries will have to pay a higher premium for their part B coverage.  This law also applies to your Medicare prescription drug coverage.  Less than 5% of people will be affected by this law.  Therefore, the majority of people will not have to pay the additional premium.

The document in the link below is for 2018; but the IRMAA limits are set to be the same for 2019.  They will most likely go up substantially in 2020.

CLICK HERE FOR MORE INFORMATION AND INCOME/PAYMENT AMOUNTS

How Much is Medicare part B – Social Security will use your most recent tax return

Your most recent tax return will be used to decide if you need to pay the higher premium.  The amount is based on your (MAGI) modified adjusted gross income.  Your MAGI is your total adjusted gross income along with your tax-exempt interest income.  If you are filing as single and your MAGI is more than $85,000,you will pay a higher Part B premium.  In the event that you are married, filing jointly and your MAGI is greater than $170,000 you will pay a higher Part B premium.  If you will have to pay a higher premium, you will receive a letter from Social Security with the reason for the higher cost as well as the amount you will have to pay.

When you have income that is not over the set income limits you will not have to pay any additional premium.

If your income has gone down, due to a change in your life, you can contact Social Security and explain it to them.  They will need proof/documentation of the new information and may adjust your payment amount accordingly. We list some examples of life changes below:

You or your spouse stops working or has reduced hours.

An unforeseen event causes you to lose an income-producing property.

Recently you were either married, divorced or widowed.

You have lost income from a pension plan.

In the event that your income has gone down, you can use  Form SSA-44 to ask for an adjustment.  You can find the form on line at www.socialsecurity.gov/forms/ssa-44.pdf.w.

If you would like more information or help with signing up for Medicare, please contact the office.  You can reach us either by phone at (203)796-5403 or by email at teal@croweandassociates.com

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.

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 monthly premiums

Medicare Part A (Hospital Insurance)
Monthly premium (for people who pay a premium): If you buy Part A, you’ll pay up to $441 each month in 2013. Higher-income consumers may pay more.
Late enrollment penalty: If you don’t buy it when you’re first eligible, your monthly premium may go up 10%. (You’ll have to pay the higher premium for twice the number of years you could have had Part A, but didn’t sign up.)

Medicare Part B (Medical Insurance)
Monthly premium: Most people pay the Part B premium of $104.90 each month in 2013.
Late enrollment penalty: If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have Medicare. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it.

Medicare Part C (Medicare Advantage)
Monthly premium: The Part C monthly premium varies by plan.

Read more

Most people will automatically  be signed up for Part B of Medicare.  If you are getting Social Security payments, you will be signed up prior to you 65th birthday.  When you get the Medicare Card, it will show that Part A and B are in place.  There are instructions on the card if you decide you do not want part B.

If you’re 65 or older and you aren’t getting Social Security or RRB benefits yet (for instance, because you’re still working), you won’t get Part A and Part B automatically. People of any age diagnosed with ESRD and who meet certain requirements are also eligible for Medicare Part A and Part B, but must sign up for them.

Medicare part B will be billed quarterly (for those not taking Social Security payments) or it will be deducted from your Social Security check if you are receiving payments.

You need to sign up by contacting Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778. If you worked for a railroad, call your local RRB office or 1-877-772-5772 to learn more about signing up.