Medicare Part B Cost. What is Medicare Part B monthly cost for premiums. Learn how premiums change with income.
Medicare Part B premiums beginning January 1, 2012 are $99.90 a month. Premiums will rise to $104.90 beginning in 2013 due to the increased cost of providing coverage. This is 5% higher than the 2012 premium. Beneficiaries are still required to pay a monthly premium if they currently have their Part B premium withheld from their Social Security income - as long as their income is less than $85,000 for single or $170,000 for joint filers. The deductible is $140 per year for Part B becoming $147 per year in 2013.
Income Reported by IRS
Social Security uses income reported on IRS income tax return from two years ago (or three if two is not available) to determine premiums. Premiums are re-figured annually when the IRS updates the beneficiary income. If a beneficiary receives monthly Social Security, Railroad Retirement, or Civil Service Retirement payments, Part B premiums are automatically deducted. Otherwise Medicare sends a statement for Part B premiums every 3 months for those who don't receive these benefits.
Medicare Part B Cost for Higher Incomes
For income above $85,000 single, $170,000 joint, following are the Part B premiums for 2010:
$139.90 - Income Between $85,001-$107,000 ($170,001-$214,000 joint)
$199.80 - Between $107,001-$160,000 ($214,001-$320,000 joint)
$259.70 - Between $160,001-$214,000 ($320,001-$428,000 joint)
These amounts usually change annually. They are actually a little lower than they were in 2010.
Beneficiaries who don't sign up for Medicare when they are eligible may have to pay a late enrollment penalty for as long as they are enrolled in Medicare. This can be quite expensive depending on how late. The monthly premium will go up 10% for each 12 month period the beneficiary could have had Part B coverage but did not sign up for it.
Click here for information on who qualifies for Medicare.
To apply or answer questions regarding Medicare Part A or Part B, call 1-800-772-1213 or visit a local Social Security office.
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