The post below describes 2024 Medicare Part D premium and Part B premium based on income.
Medicare Part B Premium based on Income – 2024
The standard Part B premium amount in 2024 is $174.70. Most people will pay the standard Part B premium amount. If your Modified Adjusted Gross Income (MAGI) as reported on your IRS tax return from 2 years ago (i.e., 2022) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
The chart below shows the 2024 Part B premiums.
| If your filing status and yearly income in 2022 was | |||
| File individual tax return | File joint tax return | File married & separate tax return | You pay monthly in 2024 |
| $103,000 or less | $206,000 or less | $103,000 or less | $174.70 |
| above $103,000 up to $129,000 | above $206,000 up to $258,000 | Not Applicable | $244.60 |
| above $129,000 up to $161,000 | above $258,000 up to $322,000 | Not Applicable | $349.40 |
| above $161,000 up to $193,000 | above $322,000 up to $386,000 | Not Applicable | $454.20 |
| above $193,000 and less than $500,000 | above $386,000 and less than $750,000 | above $103,000 and less than $397,000 | $559.00 |
| $500,000 or above | $750,000 or above | $397,000 or above |
$594.00 |
Table 1. Medicare Part B Premium based on Income – 2024
For more information, visit Medicare Part B Costs.
Medicare Part D Premium based on Income – 2024
The Part D monthly premium varies by plan. Most people only pay their Part D premium.
If your modified adjusted gross income is above a certain limit, you may pay a Part D income-related monthly adjustment amount (Part D-IRMAA) in addition to the plan’s premium. You’ll pay the Part D-IRMAA amount in addition to your monthly plan premium, and this extra amount is paid directly to Medicare, not to your plan.
The chart below shows the estimated prescription drug plan monthly premium based the Modified Adjusted Gross Income (MAGI) reported on your IRS tax return from 2 years ago. It is the most recent tax return information provided to Social Security by the IRS.
| If your filing status and yearly income in 2022 was | |||
| File individual tax return | File joint tax return | File married & separate tax return | You pay monthly in 2024 |
| $103,000 or less | $206,000 or less | $103,000 or less | Your plan premium |
| above $103,000 up to $129,000 | above $206,000 up to $258,000 | Not Applicable | $12.90 + your plan premium |
| above $129,000 up to $161,000 | above $258,000 up to $322,000 | Not Applicable | $33.30 + your plan premium |
| above $161,000 up to $193,000 | above $322,000 up to $386,000 | Not Applicable | $53.80 + your plan premium |
| above $193,000 and less than $500,000 | above $386,000 and less than $750,000 | above $103,000 and less than $397,000 | $74.20 + your plan premium |
| $500,000 or above | $750,000 or above | $397,000 or above |
$81.00 + your plan premium |
Table 2. Medicare Part D Premium based on Income – 2024
For more information, visit Medicare Monthly Premium for Drug Plans.
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