Saturday, August 23, 2014

Will My Medicare Part B Premium Be Higher Because of Income?

How much does Medicare Part B cost?
 

People who are age 65 and over get Medicare Part A and Part B.  Medicare Part B charges a premium and will charge you more based on how much you make.  For most people, the premium for Part B will be $104.90 per month.  However, if your modified adjusted gross income from 2 years ago is above a certain amount, you may pay an increased premium.  The amount you pay can change each year based on your
Medicare Part B Premium
income.  

Medicare Part A & B covers around 80% of your healthcare needs.  Many people get a Medicare Supplement (also referred to as Medigap) to cover the rest.  Medicare along with a supplement is great health insurance.  Part A covers the hospital and Medicare Part B covers the doctors and tests.




Part B premiums by income

If your yearly income in 2012 (for what you pay in 2014) was You pay (in 2014)
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 $104.90
above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $146.90
above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $209.80
above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $272.70
above $214,000 above $428,000 above $129,000 $335.70
*Source: Medicare.gov




Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan to name a few.

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