The current Medicare premium for Part B is $104.90/mo in 2013, if one's income is $85,000 or less. If income is between $85,000 and $107,000, the premium is $146.90/mo. The amounts go up incrementally until the highest premium, which is for those with incomes above $214,000 per year. That premium is $335.70/mo.
Part A does not have a premium for those who qualify for free Part A, which is almost everyone.
It's 2016... Here is a good amount of info on both Part A & Part B... Enjoy :-) - gravy.
How much does Part A cost? You usually don't pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if you or your spouse paid Medicare taxes while working. This is sometimes called "premium-free Part A." If you buy Part A, you'll pay up to $411 each month. But, MOST PEOPLE GET PREMIUM - FREE Part A.
You can get premium-free Part A at 65 if:
>>You already get retirement benefits from Social Security or the Railroad Retirement Board.
>>You're eligible to get Social Security or Railroad benefits but haven't filed for them yet.
>>You or your spouse had Medicare-covered government employment.
If you're under 65, you can get premium-free Part A if:
>>You got Social Security or Railroad Retirement Board disability benefits for 24 months.
>>You have End-Stage Renal Disease (ESRD) and meet certain requirements.
In most cases, if you choose to buy Part A, you must also have Medicare Part B (Medical Insurance) and pay monthly premiums for both.
So.... How much does Part B cost?
You pay a premium each month for Part B. If you get Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments, you’ll get a bill. Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
The standard Part B premium amount is $121.80 (or higher depending on your income). However, most people who get Social Security benefits will continue to pay the same Part B premium amount as they paid in 2015. This is because there wasn't a cost-of-living increase for 2016 Social Security benefits. You'll pay a different premium amount if:
>>You enroll in Part B for the first time in 2016.
>>You don't get Social Security benefits.
>>You're directly billed for your Part B premiums.
>>You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $121.80.)
>>Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.
If you're in 1 of these 5 groups, here's what you'll pay. If your yearly income in 2014 (for what you pay in 2016)
File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $121.80
85K through 107K 170K through 214K N/A $170.50
107K through 160K 214K through 320K N/A $243.60
160K through 214K 320K through 428K > 85K through 129K $316.70
214K & up 428K & up 129K & up $389.80
THIS IS ONLY the premiums.... You must know & understand the deductibles for Part A & B and the coinsurance for Part B.... After all the above, YOU MUST own some sort of Medicare Supplement (MediGap)... YES, there is Part C of Medicare (Advantage Plans)... they're OK for some people... yet the MATH leads over 90% of the Seniors we serve to a Plan G, sometimes a High Deductible F (HDF) Plan. Reach out with any questions :-) - gravy.
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Part A does not have a premium for those who qualify for free Part A, which is almost everyone.
How much does Part A cost? You usually don't pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if you or your spouse paid Medicare taxes while working. This is sometimes called "premium-free Part A." If you buy Part A, you'll pay up to $411 each month. But, MOST PEOPLE GET PREMIUM - FREE Part A.
You can get premium-free Part A at 65 if:
>>You already get retirement benefits from Social Security or the Railroad Retirement Board.
>>You're eligible to get Social Security or Railroad benefits but haven't filed for them yet.
>>You or your spouse had Medicare-covered government employment.
If you're under 65, you can get premium-free Part A if:
>>You got Social Security or Railroad Retirement Board disability benefits for 24 months.
>>You have End-Stage Renal Disease (ESRD) and meet certain requirements.
In most cases, if you choose to buy Part A, you must also have Medicare Part B (Medical Insurance) and pay monthly premiums for both.
So.... How much does Part B cost?
You pay a premium each month for Part B. If you get Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments, you’ll get a bill. Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
The standard Part B premium amount is $121.80 (or higher depending on your income). However, most people who get Social Security benefits will continue to pay the same Part B premium amount as they paid in 2015. This is because there wasn't a cost-of-living increase for 2016 Social Security benefits. You'll pay a different premium amount if:
>>You enroll in Part B for the first time in 2016.
>>You don't get Social Security benefits.
>>You're directly billed for your Part B premiums.
>>You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $121.80.)
>>Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.
If you're in 1 of these 5 groups, here's what you'll pay. If your yearly income in 2014 (for what you pay in 2016)
File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $121.80
85K through 107K 170K through 214K N/A $170.50
107K through 160K 214K through 320K N/A $243.60
160K through 214K 320K through 428K > 85K through 129K $316.70
214K & up 428K & up 129K & up $389.80
THIS IS ONLY the premiums.... You must know & understand the deductibles for Part A & B and the coinsurance for Part B.... After all the above, YOU MUST own some sort of Medicare Supplement (MediGap)... YES, there is Part C of Medicare (Advantage Plans)... they're OK for some people... yet the MATH leads over 90% of the Seniors we serve to a Plan G, sometimes a High Deductible F (HDF) Plan. Reach out with any questions :-) - gravy.