People who are age 65 and over get Medicare Part A and Part B. Medicare Part B charges a premium and will charge you more based on how much you make. For most people, the premium for Part B will be $164.90 per month (2023). However, if your modified adjusted gross income from 2 years ago is above a certain amount, you may pay an increased premium. The amount you pay can change each year based on your income.
Medicare Part A & B covers around 80% of your healthcare needs. Many people get a Medicare Supplement (also referred to as Medigap) to cover the rest. Medicare along with a supplement is great health insurance. Part A covers the hospital and Medicare Part B covers the doctors and tests.
Medicare Part B Premiums By Income in 2023
If your yearly modified gross income on your IRS tax return in 2021 (for what you pay in 2023) was listed below then you pay the following.
File individual tax return File joint tax return File married & separate tax return You pay each month
$97,000 or less $194,000 or less $97,000 or less $164.90
above $97,000 up to $123,000 above $194,000 up to $246,000 Not applicable $230.80
above $123,000 up to $153,000 above $246,000 up to $306,000 Not applicable $329.70
above $153,000 up to $183,000 above $306,000 up to $366,000 Not applicable $428.60
above $183,000 up to $500,000 above $366,000 up to $750,000 above $97,000 and less than $403,000 $527.50 $500,000 or above $750,000 and above $403,000 and above $560.50
*Source: Medicare.gov
Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance you can run a quote on this site or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan to name a few.
