A: You do know why that’s important, right? Everyone doesn’t pay the same Part B premium. If you make more than $85,000 (or $170,000 if you are married and filing jointly), you will pay more, sometimes much more, than the standard $134/month Part B premium. Don’t you want to know whether you are part of the unlucky seven percent of people on Medicare considered to be a “higher income “beneficiary?
The Social Security Administration will mail you a letter with your Part B premium amount each year. You may be able to get your premium amount sooner by accessing the Eligibility & Premium Calculator on www.medicare.gov
Your Part B premium amount will be based on the information you enter on the Medicare website. You will need to verify that you or your spouse have paid FICA taxes for at least ten years and indicate whether you (or your spouse) have a group health plan based on current employment. Provide your date of birth, marital status and income range and …there you have it!
You’ll see your Income-Related Monthly Adjustment Amount (IRMAA) – that’s the amount you’ll pay in addition to the standard $134 monthly Part B premium. Your total premium will be somewhere between $187.50 and $428.60 per month. You will also pay more for your Part D drug plan through an add-on to your drug plan’s monthly premium. The additional amount will be at least $13.00/month but no more than $74.80/month.
Medicare’s Eligibility and Premium Calculator will work except
for the following situations:
- you are not under the age of 65,
- you did not have Part B before and you dropped it
- you are not applying for Part B due to the Part B Special Enrollment Period based on coverage from a large employer group health plan
Would you like more information? Download “Medicare Premiums: Rules for Higher-Income Beneficiaries” from www.ssa.gov