Medicare costs aren’t the same for everyone. While everyone gets the same coverage benefits with Medicare Part B, the premium costs depend on earnings as reported on your tax filings for the year 2020. Amounts are also assigned based on the tax filing status. Those who earn more will pay more. This increase is known as the Income-Related Monthly Adjustment Amount (IRMAA).
What Is The Standard Part B Premium?
In 2022, the standard Part B premium is $170.10 for these individuals:
- Individuals earning $91,000 or less
- Those who filed jointly with an income of $182,000 or less
- Those who filed married and separately with an income of $91,000 or less
The IRMAA isn’t the cost of the premium, but the dollar amount added to the standard premium.
These are the possible premium amounts you may pay and the corresponding IRMAA:
- $238.10 (IRMAA = $68)
- $340.20 (IRMAA = $170.10)
- $442.30 (IRMAA = $272.20)
- $544.30 (IRMAA = $374.20)
- $578.30 (IRMAA = $408.20)
How Are Monthly Rates Determined For Those Filing Individually?
If you filed individually, these are the following monthly rates you will pay according to your 2020 earnings:
- $238.10 (if earned more than $91,000 or less than or equal to $114,000)
- $340.20 (if earned more than $114,000 or less than or equal to $142,000)
- $442.30 (if earned more than $142,000 or less than or equal to $170,000)
- $544.30 (if earned more than $170,000 but less than $500,000)
- $578.30 (if earned $500,000 or more)
How Are Monthly Rates Determined For Those Filing Jointly?
If you filed jointly, these are the following monthly rates you will pay according to your 2020 earnings:
- $238.10 (if earned more than $182,000 or less than or equal to $228,000)
- $340.20 (if earned more than $228,000 or less than or equal to $284,000)
- $442.30 (if earned more than $284,000 or less than or equal to $340,000)
- $544.30 (if earned more than $340,000 but less than $750,000)
- $578.30 (if earned $750,000 or more)
Learn More About Part B Today!
At Cornerstone Senior Advisors, we help you get the best coverage available to you. Don’t let increasing rates discourage you – with our assistance, you’ll come away with a policy you can be truly satisfied with. Call us today at 316-260-3331 to learn more about Medicare Part B.