Compare plans today.
The standard Part B premium in 2024 is $174.70 per month, though you could potentially pay more, depending on your income.
Your Medicare Part B premium largely depends on the income reported on your tax return from two years prior. For example, your Medicare Part B premium in 2024 is based on your reported 2022 total annual income, and your 2024 premium will be based on your reported 2022 income, and so on.
Use the helpful chart below to begin determining what you can expect to pay for your Medicare Part B coverage.
2022 income (individually filed) | 2022 income (jointly filed) | 2022 income (filed married & separate) | 2024 monthly Medicare Part B cost |
$103,000 or less | $206,000 or less | $103,000 or less | $174.70 |
Above $103,000 to $129,000 | Above $206,000 to $258,000 | Not applicable | $244.60 |
Above $129,000 to $161,000 | Above $258,000 to $322,000 | Not applicable | $349.40 |
Above $161,000 to $193,000 | Above $322,000 to $386,000 | Not applicable | $454.20 |
Above $193,000 and less than $500,000 | Above $386,000 and less than $750,000 | Above $103,000 and less than $397,000 | $559.00 |
$500,000 or above | $750,000 and above | $397,000 and above | $594.00 |
You can save some money on your monthly costs by electing to have your Part B premium payments deducted directly from your Social Security checks.
You'll have to pay the standard premium if you are enrolling in Medicare Part B for the first time. Other reasons you might have to pay the standard Part B premium amount include:
In most cases, you will pay a late enrollment penalty if you do not sign up for Medicare Part B when you are first eligible. This penalty will be enforced for the rest of the time that you receive Part B coverage, and could increase by up to 10 percent for each 12-month period that you didn't enroll in Part B once you became eligible.
Or call now to speak with a licensed insurance agent:
The monthly premium is only one of the costs that Medicare beneficiaries have to pay for their Part B benefits. Other out-of-pocket Part B costs include:
Millions of Medicare beneficiaries every year choose to rely on a Medicare Supplement Insurance policy (referred to also as Medigap) to help cover some of these costs. Each type of Medigap policy is required to cover the Medicare Part B coinsurance or copayment charges, and some plans even cover the Part B deductible or Part B excess charges.
To learn more about Medicare, read through some of our guides below.
Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareSupplement.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism. He currently lives in Raleigh, NC.
Enter your email address and get a free guide to Medicare and Medicare Supplement Insurance, as well as important Medicare news and tips. We promise to never send you spam – just helpful content!
We've been helping people find their perfect Medicare plan for over 12 years.
Call now