Let’s Talk About Part B

I often hear questions regarding the Medicare part B premium and why the premium is different for some people. Let’s talk about that.

The monthly premium is based on how much money you make.

How is this calculated?
Social Security goes back two years and looks at your adjusted gross income on your Federal tax return and that is how they come up with your premium. If you file individually and make less than $ 91,000 per year (AGI) or if you file jointly and make less than $ 182,000, (AGI) you would pay the base rate of $170.10 per month.

If you made more than these amounts you would pay a premium rate varying from $ 238.10 to $ 578.30 per month. You would have to be in the $ 500,000 per year category to pay the $578.30 rate per month.

If you take social security, the monthly premium is taken out of your Social Security check. If you are not currently taking social security, they will mail you a quarterly invoice.

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If you ever have any questions regarding the Medicare part B premium, don’t hesitate to contact me.