Medicare Part B Premiums and Other Costs
In 2023 the standard Medicare Part B premium is $164.90 per month. However, your premium could be higher depending on your income.
When you enroll in Original Medicare, you'll notice that your health benefits are divided into two parts — Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). Many beneficiaries receive Part A benefits premium-free, but everyone typically pays a monthly premium for Part B.
How Much Will You Pay for the Part B Premium Costs?
The standard Medicare Part B premium in 2024 is $174.70 per month. This premium applies to you if you earn $103,000 a year or less ($206,000 for a married couple) and if one of the following applies to you:
- You're enrolling for the first time in 2024
- You don't receive Social Security benefits
- You're billed directly for your Part B premium
- You have both Medicare and Medicaid and your premiums are paid for by your state
If you have a higher income, you may pay more for your monthly Part B Medicare premiums.
Rules For Higher-Income Medicare Beneficiaries
If your yearly income is above $103,000 (or above $206,000 if you file taxes jointly with your spouse), you will most likely pay more than the standard Part B Medicare premium, based on the income you reported to the IRS on your federal tax return two years prior. This additional amount is called the Income-Related Monthly Adjustment Amount (IRMAA).
Depending on your 2022 reported gross income, your Medicare Part B premium could range from $174.70 to $594.00 per month in 2024.
How To Pay Your Part B Medicare Premiums
If you get Social Security or Railroad Retirement Board (RRB) benefits, your Part B premium will typically be deducted from your benefit payment. Otherwise, you'll most likely get a bill called a Medicare Premium Bill around the 10th of every month, which you can pay:
- Through your bank's online bill payment service
- By mailing a check or money order to the Medicare Premium Collection Center
- By credit or debit card
- Through Medicare's free electronic payment option, Medicare Easy Pay
Other Costs Associated With Medicare Part B
In addition to your monthly premium, you pay $240 per year in 2024 for your Part B deductible. Once your deductible is met, you generally pay a coinsurance of 20% of the Medicare-approved amount for medically necessary care and services.
The out-of-pocket costs associated with Medicare (like your premiums, deductibles and coinsurance) can add up quickly. It's important to know what your health insurance coverage options are.
Learn about Medicare Supplement Insurance (also called Medigap), which can help cover some of these costs that Original Medicare doesn't. You could potentially save money and make your health care costs more predictable.
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