How much does Medicare Part B cost?
- Like other types of health insurance, Medicare Part BMedicare Part B is medical coverage for people with Original Medicare. It covers doctor visits, specialists, lab tests and diagnostics, and durable medical equipment. Part A is for hospital inpatient care.... has a monthly premiumA premium is an amount that an insurance policyholder must pay for coverage. Premiums are typically paid on a monthly basis. In the federal Medicare program, there are four different types of premiums. ....
- The amount you pay for Medicare Part B is based on your income.
- Most beneficiaries pay the standard amount of $134 per month (2017 rate)
- Medicare Part B is free for people in poverty.
- People with income above $85k pay between $187.50 and $428.60 (2017 rates).
Your Annual Income Determines Your Medicare Part B Premium
Medicare Part B is the medical insurance coverage component of Original MedicareOriginal Medicare is private fee-for-service health insurance for people on Medicare. It has two parts. Part A is hospital coverage. Part B is medical coverage..... Unlike Part AMedicare Part A is hospital inpatient coverage for people with Original Medicare, whereas Part B is medical coverage for doctor visits, tests, etc...., hospital insurance, Part B is not funded through payroll taxes while you work. As a result, most people pay a monthly premium.
For 2017, most people pay the standard Medicare Part B premium of $134 per month (if they have the premium deducted from their Social Security checks). The premium is higher for individuals with incomes above $85,000 per year and for married couples with incomes above $170,000 per year.
Beneficiaries filing an individual tax return pay a monthly premium of $187.50 if their income is $85,001-$107,000; $267.90 if their income is 107,001-160,000; $348.30 if their income is $160,001-$214,000; $428.60 if their income is above $214,000.
For beneficiaries filing jointly, the 2017 Part B monthly premium is $187.50 if their income is $170,001-$214,000; $267.90 if their income is $214,001-$320,000; $348.30 if their income is $320,001-$428,000; and $428.60 if their income is above $428,000.