How is the Medicare Part B premium determined?



WHAT IS THE PART B PREMIUM?

For anyone that is eligible for Medicare Part B, they are assessed with a Part B monthly premium. There is a requirement to sign up for Part B, however you may receive part B automatically. The average cost of Part B is $104.90

YOUR INCOME

Your Part B premium is determined by yearly income. If your adjusted gross income reported on your tax return 2 years prior (2011 for 2013, 2012 for 2014) is above a certain amount, you pay more on your premium. These numbers are determined by the government.

INDIVIDUAL TAX RETURN

Those with yearly incomes of $85,000 or less, you pay the $104.90 premium each month. If your income is above $85,000 up to $107,000 the premium is 146.90. Yearly incomes above $107,000 up to $160,000 pay a premium of $209.80. If your yearly income is above $160,000 up to $214,000, your premium will be $272.70. Finally, any yearly income above 214,000 pay a premium of $335.70

JOINT TAX RETURN

Those with yearly incomes of $170,000 or less pay $104.90 each month. If your income is above $170,000 up to $214,000, the premium is 146.90. Yearly incomes above $214,000 up to 320,000 pay a premium of $209.80. If your yearly income is above $320,000 up to $448,000, your premium will be $272.70. Finally any yearly income above $448,000 pays a premium of $335.70.

MARRIED FILING SEPARATELY

Those with yearly incomes of $85,000 or less pay a $104.90 premium. If your income is above $85,000 up to $129,000 the premium is $146.90. Any yearly income above $129,000 pays a premium of $335.00.




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