Premiums for Medicare Part B are based upon your modified adjusted gross income (MAGI) from 2 years ago; since this is the most recent tax return information provided to Social Security by the IRS. Items that contribute to your MAGI include: wages, interest, required minimum dividends from investments, capital gains, Social Security benefits, and tax-deferred pensions.
The standard part B premium for 2019 is $135.50 for those who are:
- Not collecting Social Security benefits
- Enrolled in Part B for the first time in 2017
- Part B premiums are paid by Medicad
For the most part, you will pay the standard Part B premium. However, if your income is over $85,000 (single) or $170,000 (married couple), then you may pay an Income Related Monthly Adjustment (IRMAA).
Your Part B premium will automatically be deducted from your benefit payment if you receive any of the following benefits:
- Railroad Retirement Board
- Social Security
- Office of Personnel Management
Is there anything else for Part B that I have to pay for besides the monthly premium?
You will pay $185 per year in 2019 for your Part B deductible. After the deductible of $185 is met, you usually pay 20% of the Medicare-approved amount for the following:
- Outpatient therapy
- Most doctor services (including most doctor services while you are in a hospital inpatient)
- Durable Medical Equipment (DME)
See the chart below to find out what your premium will be in 2019.