Medicare Part B Premium for Higher-Income Retirees – 2018

Medicare Part B – Medical Insurance

The Medicare Access and CHIP Reauthorization Act of 2015 provides a framework for Medicare Part B Premium for Higher-Income Retirees. Medicare Part B covers physician services, outpatient services, and some home health and preventive services. It is financed in part by beneficiary premiums which traditionally had been set at 25% of estimated program costs.

Since 2007 higher income beneficiaries have had to pay higher premiums. Several income brackets were created with enrollees in higher brackets paying a greater percentage of program costs.

Medicare Part B Premium for Higher-Income Retirees – 2018

In 2018, the standard Part B premium amount will be $134.00 (or higher depending on your income). However, some people who get Social Security benefits pay less than this amount ($130 on average).

You’ll pay the standard premium amount (or higher) in 2018 if: (a) you enroll in Part B for the first time in 2018; (b) you don’t get Social Security benefits; (c) You’re directly billed for your Part B premiums (meaning they aren’t taken out of your Social Security benefits); (d) you have Medicare and Medicaid, and Medicaid pays your premiums; (e) your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.

  • Part B premium for higher income, if the standard premium is $134.00

    • If modified adjusted gross income is $85,000 or less for individual tax returns or $170,000 or less for joint tax returns: $134 per month (25% of the program cost)
    • If modified adjusted gross income is $85,001 to $107,000 for individual tax returns or $170,001 to $214,000 for joint tax returns: $187.50 per month (35% of the program cost)
    • If modified adjusted gross income is $107,001 up to $133,500 for individual tax returns or $214,001 up to $267,000 for joint tax returns: $267.90 per month (50% of the program cost)
    • If modified adjusted gross income is $133,501 up to $160,000 for individual tax returns or $267,001 up to $320,000 for joint tax returns: $348.30 per month (65% of the program cost)
    • If modified adjusted gross income is above $160,001 for individual tax returns or above $320,001 for joint tax returns: $428.60 per month (80% of the program cost)

Please give us your feedback!

What do you think about Medicare Part B Premium for Higher-Income Retirees – 2018? Write your comments.

Contact Us

For help finding the best Medicare or Individual Health Plan for you, please contact Liberty Medicare or call us at 877-657-7477.

×

Comments are closed.