Medicare Part B Premiums:
You have started educating yourself on Medicare, and now you have a basic understanding of how the Federal Health Insurance Program works. Many people are not aware of your Medicare Premiums are based on your taxable income.
The government utilizes your modified adjusted gross income as reported on your IRS tax return from TWO years ago to determine your Medicare Part B Premium.
If you are “deemed” to be a high-income earner you’ll pay an income-related monthly adjustment amount or IRMAA for short. An IRMAA is an extra charge added to your Part B premium.
If you’re in 1 of these 5 groups, here’s what you’ll pay:
| If your yearly income in 2016 (for what you pay in 2019) was | You pay each month (in 2019) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $85,000 or less | $170,000 or less | $85,000 or less | $135.50 |
| above $85,000 up to $107,000 | above $170,000 up to $214,000 | Not applicable | $189.60 |
| above $107,000 up to $133,500 | above $214,000 up to $267,000 | Not applicable | $270.90 |
| above $133,500 up to $160,000 | above $267,000 up to $320,000 | Not applicable | $352.20 |
| above $160,000 | above $320,000 | above $85,000 | $433.40 |