Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Most individuals receiving Medicare Part B will pay the standard monthly premium ($104.90 per month in 2014 - this number can change each year).
Some people may be subject to the higher income penalty if they earn above $85,000 on their MAGI (modified adjusted gross income) as stated on their individual tax return or married filing single tax return from 2 years prior, above $170,000 (if married filing jointly).
If filing an individual tax return, the premium brackets are as follows for 2014:
1) $85,000 or less - $104.90 per month
2) $85,001-$107,000 - $146.90 per month
3) $107,001-$160,000 - $209.80 per month
4) $160,001-$214,000 - $272.70 per month
5) $214,001 or more - $335.70 per month
If married filing jointly, the premium brackets are as follows for 2014:
1) $170,000 or less - $104.90 per month
2) $170,001-$214,000 - $146.90 per month
3) $214,001-$320,000 - $209.80 per month
4) $320,001-$428,000 - $272.70 per month
5) $428,001 or more - $335.70 per month
If married filing single, the premium brackets are as follows for 2014:
1) $85,000 or less - $104.90 per month
2) $85,001-$129,000 - $272.70 per month
3) $129,001 or more - $335.70 per month
Part B will pay for approximately 80% of your physician service expenses leaving you responsible for the other 20%.
If you want to add prescription drug coverage or a Medicare supplement plan to cover the gaps in Original Medicare (Part A & Part B), you will have additional premium expenses, however, it will help you create a much more predictable healthcare expense structure (the premiums will also be based on the plan you're applying for, your age, and other factors).
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Some people may be subject to the higher income penalty if they earn above $85,000 on their MAGI (modified adjusted gross income) as stated on their individual tax return or married filing single tax return from 2 years prior, above $170,000 (if married filing jointly).
If filing an individual tax return, the premium brackets are as follows for 2014:
1) $85,000 or less - $104.90 per month
2) $85,001-$107,000 - $146.90 per month
3) $107,001-$160,000 - $209.80 per month
4) $160,001-$214,000 - $272.70 per month
5) $214,001 or more - $335.70 per month
If married filing jointly, the premium brackets are as follows for 2014:
1) $170,000 or less - $104.90 per month
2) $170,001-$214,000 - $146.90 per month
3) $214,001-$320,000 - $209.80 per month
4) $320,001-$428,000 - $272.70 per month
5) $428,001 or more - $335.70 per month
If married filing single, the premium brackets are as follows for 2014:
1) $85,000 or less - $104.90 per month
2) $85,001-$129,000 - $272.70 per month
3) $129,001 or more - $335.70 per month
Part B will pay for approximately 80% of your physician service expenses leaving you responsible for the other 20%.
If you want to add prescription drug coverage or a Medicare supplement plan to cover the gaps in Original Medicare (Part A & Part B), you will have additional premium expenses, however, it will help you create a much more predictable healthcare expense structure (the premiums will also be based on the plan you're applying for, your age, and other factors).