Medicare Part B

The first thing you must do is enroll in Medicare Part B. You can do this by contacting Social Security at (800) 772-1213 three months before you turn 65 or apply online. Part B provides necessary services include doctor’s services, lab and diagnostic services, preventive services, chemotherapy, radiation, dialysis and more.

The standard Part B premium amount in 2017 is $134 (or higher depending on your income).  Social Security will tell you the exact amount you’ll pay for Part B in 2017. You’ll pay the standard premium amount if:

  • You enroll in Part B for the first time in 2017.
  • You don’t get Social Security benefits.
  • You’re directly billed for your Part B premiums.
  • You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $134.)
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount. If so, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

If you’re in 1 of these 5 groups, here’s what you’ll pay:

If your yearly income in 2015 (for what you pay in 2017) wasYou pay each month (in 2017)
File individual tax returnFile joint tax returnFile married & separate tax return
$85,000 or less$170,000 or less$85,000 or less$134
above $85,000 up to $107,000above $170,000 up to $214,000Not applicable$187.50
above $107,000 up to $160,000above $214,000 up to $320,000Not applicable$267.90
above $160,000 up to $214,000above $320,000 up to $428,000above $85,000 and up to $129,000$348.30
above $214,000above $428,000above $129,000$428.60

 

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