Medicare Part B is the outpatient coverage. It’s needed for other Medicare plans such as Medicare Advantage. The other fact is that your level of income doesn’t disqualify you for it. However, it does affect how much you will pay.
Defining Income Limit
Medicare does not discriminate. You cannot be too rich or too poor to get it. But in terms of being able to get Medicare Part B at a certain premium cost, then yes, there is an income limit.
Medicare Part B’s premium is said to be $148.50 on average in 2021, but that doesn’t account for people in higher tax brackets.
Income Limits For Premium Costs
Your tax filing determines how much you pay in premiums. This depends on the amount, and whether you filed individually, jointly, or married and separate.
This will show the premium, and the income requirements based on filing status.
$148.50 premium:
- Individual – $88,000 or below
- Joint – $176,000 or below
- Married and separate – $88,000 or below
$207.90 premium:
- Individual – Over $88,000 up to $111,000
- Joint – Over $176,000 up to $222,000
- Married and separate – N/A
$297.00 premium:
- Individual – Over $111,000 up to $138,000
- Joint – Over $222,000 up to $276,000
- Married and separate – N/A
$386.10 premium:
- Individual – Over $138,000 up to $65,000
- Joint – Over $276,000 up to $330,000
- Married and separate – N/A
$475.20 premium:
- Individual – Over $165,000 up to $500,000
- Joint – Over $330,000 up to $750,000
- Married and separate – Over $88,000 up to $412,000
$504.90 premium:
- Individual – $500,000 and up
- Joint – $750,000 and up
- Married and separate – $412,000 and up
While You May Have To Pay for The Part B Premium, You Can Still Get Some of its Services With No Out-of-Pocket Costs
While there’s nothing you can do about the Part B premium, you have other ways of lowering its costs. You can enroll in a Medicare Supplement plan no matter what your income level is. This is also commonly known as Medigap. This kind of plan can help cover Part B costs such as coinsurance, copayment, and excess charges. Unfortunately, there is no way out of paying the Part B deductible, unless you qualify for Supplement Plans C or F.
We Have No Limits
At Cornerstone Senior Advisors, we are up-to-date on the changing landscape of Medicare, including its costs. When you call us, we can help you determine what your Part B premiums will be and help you find the best policy available to you. Please call us today at 316-260-3331.