Does Everyone Pay the Same for Medicare Part B?
Many Americans are unsure what their costs will be for Medicare. In order to plan ahead for retirement it is important for those eligible for Medicare to be able to estimate these costs. In 2007, a new system for Medicare Part B went into effect. Higher income beneficiaries began paying a larger percentage of their Part B premium based on the amount of income they reported to the Internal Revenue Service. However, these larger premiums only affect a small percentage of Medicare beneficiaries.
How much will you pay for your Medicare Part B premium?
The amount you will pay for your Medicare Part B is determined by your most recent tax returns. All taxpayers who filed individually and had a Modified Adjusted Gross Income(MAGI) of $85,000 or less will pay a standard monthly premium of $110.50. All taxpaying married couples who filed jointly with a a MAGI of $170,000 or less will also pay a monthly premium of $110.50. Those with a higher MAGI will pay a higher premium based on a sliding scale.
Some higher income Medicare beneficiaries will pay more for their Medicare Part B premiums
According to the Social Security Administration, only 5% of Medicare eligible Americans will pay more for their Part B premiums. The other 95% will pay the standard $110.50 monthly premium. If your MAGI falls between $85,000-$107,000 individually or $170,000-$214,000 jointly, you will pay $154.70 per month for your premium. For those with a MAGI between $107,000-$160,000 individually or $214,000-$320,000 jointly, your premium will be $221 per month. A MAGI of $160,000-$214,000 individually or $320,000-$428,000 jointly will result in a premium of $287.30. Finally, those with even an even higher MAGI will pay $353.60 for their Medicare Part B premiums.
Related posts:
- How Are Medicare Premiums Determined?
- What Is The Medicare Savings Program?
- What Does Medicare Insurance Cost?
- Does The Amount I Pay For Medicare Change From Year To Year?
- Are Medicare Benefits Taxable?
I retired at 62 yrs old with minimum Social security pay : $454.50
Next month I reach 65 yrs old , I received a letter from Social Security Administration Retirement, Survivors and Disability Insurance.
The letter tell me that I Have to pay the monthly premium ( part B ) one month in advance so next month I will receive $344 only.
My question is with only $344 I cannot pay the bill and the food. Can I keep the Medicare part A, just refuse Part B only. I cannot afford to pay $110.50 each month…Why they automatic take of 110.50 of my litle SS check for medicare Part B ?
Please give me some advise, I thought better dye because of illnest is better than starving or suicide