You pay a premium each month for Medicare Part B (Medical Insurance). Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
How much does Part B cost?
Most people pay the Part B premium of $104.90 each month.
You pay $147 per year for your Part B deductible.
Some people automatically get Part B. Learn how and when you can sign up for Part B.
If you don't sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty.
If your modified adjusted gross income as reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS) is above a certain amount, you may pay more.
Social Security will contact some people who have to pay more depending on their income. The amount you pay can change each year depending on your income. If you have to pay a higher amount for your Part B premium and you disagree (for example, if your income goes down), use this form to contact Social Security.
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|
In 2014, there may be limits on physical therapy, occupational therapy, and speech language pathology services. If so, there may be exceptions to these limits.