Sherman R . Ross, LLC and Associates

Medicare Advocates and Insurance Brokers

  • Home
  • Russell
  • Justin
  • Medicare Basics
    • The History of Medicare
    • Medicare 101
    • Enroll in Medicare
    • Medicare Supplements (Medigap Coverage)
    • Medicare Advantage (Part C)
  • Part B
    • The Part B Premium
    • What Is Credible Coverage?
    • Employer Based Coverage
    • TriCare For Life
  • Part D
    • Part D (Prescription Drug Coverage)
    • The Coverage Gap (The Donut Hole)
    • The Part D Late Enrollment Penalty
  • Workshops
  • FAQs
    • Important Links
  • Contact

The Part B Premium


Part B Costs

Some people automatically get Medicare Part B (Medical Insurance), and some people need to sign up for Part B.
Learn how and when you can sign up for Part B.

If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty.

How much does Part B cost?

Part B premiums

You pay a premium each month for Part B. Your Part B premium will be automatically deducted from your benefit payment if you get benefits from one of these:

*Social Security
*Railroad Retirement Board
*Office of Personnel Management

If you don’t get these benefit payments, you’ll get a bill.

Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS.

The standard Part B premium amount in 2020 is $144.60. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

If your yearly Income is 2018 (for what you pay in 2020) was
Beneficiaries who file individual tax returns with income: Beneficiaries who file joint tax returns with income: Beneficiaries who file married & separate tax return: Total monthly premium amount:
Less than or equal to $87,000 Less than or equal to $174,000 $87,000 or less $144.60
Above $87,000 and up to $109,000 Above $174,000 and up to $218,000 Not Applicable $202.40
Above $109,000 and up to $136,000 Above $218,000 and up to $272,000 Not Applicable $289.20
Above $136,000 and up to $163,000 Above $262,000 and up to $326,000 Not Applicable $376.00
Above $163,000 and up to $500,000 Above $326,000 and less than $750,000 Above $87,000 and less than $413,000 $462.70
$500,000 or above $750,000 and above $413,000 and above $491.60

Part B deductible & coinsurance

In 2020, you pay $198 for your Part B deductible. After you meet your deductible for the year, you typically pay 20% of the Medicare-approved amount for these:

*Most doctor services (including most doctor services while you’re a hospital inpatient)
*Outpatient therapy
*Durable medical equipment (DME)

Find out what Part B covers
Find out what you pay for Part B covered services

Sign up for a Medicare Workshop coming soon in your area
Register for email notification of upcoming workshops
Contact Russell Directly with Medicare Questions

Confused by Medicare?
You are NOT alone.

You’re invited to attend our Turning 65 Workshop for people who need to enroll in Medicare within the next few months. Some of the topics we will address at the workshop include: What do you have to do to enroll in Medicare? What does it cost and when does it begin? There are dozens of Medicare Supplement Plans available. Do you know the single most important thing about them? Knowing this one thing can save you a lot of money!

82% of Seniors Are Confused About Medicare Supplements and Advantage Plans

FORT LAUDERDALE, FL--(Marketwire - May 22, 2013) - Slightly over 10,000 people turn 65 every day. Upon turning 65, most of us receive part A and opt for Part B. Next, the daunting task of choosing between a Medicare Supplemental Insurance plan and a Medicare Advantage plan arrives.


Copyright © 2019 - 2022 · Russell Ross | Privacy Policy |
Proudly Developed & Hosted by Cullen Web Services