Will My Medicare Part B Premium Be Higher Because of Income?

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 $148.50 per month (2021). 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
If your yearly income in 2019 (for what you pay in 2021) 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

$88,000 or less                                           $176,000 or less                                          $88,000 or less                                                         $148.50
above $88,000 up to $111,000              above $176,000 up to $222,000                 Not applicable                                                           $207.90
above $111,000 up to $138,000            above $222,000 up to $276,000                 Not applicable                                                           $297.00
above $138,000 up to $165,000           above $276,000 up to $330,000                Not applicable                                                           $386.10
above $165,000 up to $500,000          above $330,000 up to $750,000                above $88,000 and less than $412,000                $475.20

$500,000 or above                                 $750,000 and above                                     $412,000 and above                                                 $504.90

*Source: Medicare.gov


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