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MEDICARE PART B PREMIUM

medicare part b premium

In 2024, Part B premium will be $174.70 (or you may pay higher — it depends on one’s income). An exception here is that some with Social Security benefits will end up paying less ($170 on average). However, for most, you will pay the standard (or higher) should you qualify for the following:

• Enrolled in Part B for the first time in 2024.

• Don’t receive Social Security benefits.

• Billed for your Part B premiums directly (I.e. not deducted from your Social Security benefits).

• You have Medicare and Medicaid, and Medicaid covers the premiums (which means that your state covers the standard premium of $174.70).

• Your modified adjusted gross income as reported on your IRS tax return 2 years prior exceeds $103,000. If this is the case, then you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your existing premium.

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