What are the premiums for Medicare Part B?
How much will I need to pay monthly for Medicare Part B, and can this cost change over time?
The monthly premium for Medicare Part B (medical insurance) varies depending on your income, and yes, the cost can change over time. Here’s what you need to know about Medicare Part B premiums:
Standard Medicare Part B Premium:
For most people, the standard Medicare Part B premium in 2024 is $174.70 per month. This is the base rate that applies to individuals with an income below certain thresholds.
Income-Related Monthly Adjustment Amount (IRMAA):
If your income is above certain limits, you may pay more than the standard premium. This additional charge is called the Income-Related Monthly Adjustment Amount (IRMAA). The exact amount you pay is based on your modified adjusted gross income (MAGI) from two years ago (for example, your 2022 income determines your 2024 premium). Here’s how the Part B premiums break down for 2024 based on income:
Individual income of $103,000 or less / Joint income of $206,000 or less: $174.70
Individual income of $103,001 to $129,000 / Joint income of $206,001 to $258,000: $243.60
Individual income of $129,001 to $161,000 / Joint income of $258,001 to $320,000: $316.20
Individual income of $161,001 to $500,000 / Joint income of $320,001 to $750,000: $389.80
Individual income above $500,000 / Joint income above $750,000: $497.70
Annual Adjustments:
Medicare Part B premiums can change each year. The premiums are adjusted based on healthcare costs, inflation, and other factors. This means that while the current premium is $174.70 in 2024 for most people, it could increase in future years.
Part B Deductible and Coinsurance:
In addition to the monthly premium, you’ll also be responsible for a deductible and coinsurance. In 2024, the Part B annual deductible is $240. After meeting the deductible, you generally pay 20% of the Medicare-approved amount for most services, such as doctor visits and outpatient care.
If you have questions about your specific Part B costs or need help understanding how your income might affect your premium, you can schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.
