How Much is Medicare Part B? | A Review of 2017 Costs

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How Much Is Medicare Part B?

Determining your Medicare Part B cost depends on three components: your premium, your deductible, and your coinsurance. The standard premium for Medicare Part B in 2017 is $134 a month. You will pay this if you meet one of the following criteria:

  • You are enrolling in 2017 for the first time.
  • You don’t already receive Social Security benefits.
  • Your adjusted gross income on your most recent tax return was under $85,000 if you filed an individual tax return and under $170,000 if you filed a joint tax return.

The Cost of Medicare Part B

If you already receive Social Security benefits and you deduct your Part B premium from your Social Security, you likely qualify for the hold harmless provision. The cost of living adjustment for Social Security recipients in 2017 was not enough to cover the full amount of the increased Part B premium, and so those under the hold harmless provision will pay only $109 a month for Part B.

However, if you filed an individual return and your adjusted gross income was over $85,000, or if you filed a joint tax return and it was over $175,000, you’ll have to pay an income-related monthly adjustment amount, or IRMAA. Your IRMAA is paid in addition to the standard monthly premium; if you pay an IRMAA, you don’t qualify for the hold harmless provision.

Modified Adjusted Gross IncomePart B IRMAATotal Monthly Premium (2017)
Individual: $85,000 or less
Joint: $170,000 or less
Married, filed separately: $85,000 or less
Individual: Above $85,000 up to $107,000
Joint: Above $170,000 up to $214,000
Individual: Above $107,000 up to $160,000
Joint: Above $214,000 up to $320,000
Individual: Above $160,000 up to $214,000
Joint: Above $320,000 up to $428,000
Married, filed separately: Above $85,000 up to $129,000
Individual: Above $21,000
Joint: Above $428,000
Married, filed separately: Above $129,000
Source —


Penalty for Late Enrollment

To help keep Medicare viable, the government wants as many people as possible enrolled as early as possible; one way they encourage this is through the penalty for late enrollment. If you do not enroll in Part B during the three months before or after your 65th birthday, you will have to pay a late enrollment premium.

There is an exception if you have not retired: you have until you are no longer covered by your employer’s insurance to enroll. Your premium will go up by 10% for every 12 months you could have been enrolled in Part B but weren’t. This penalty is permanent, so if your 65th birthday was in April 2014 and you waited until August 2017 to apply, your premium will always be 30% higher than if you had enrolled between January and July of 2014.

Deductible & Coinsurance

With Medicare Part B, your deductible will be $183 per year, meaning that you will have to pay that amount before Part B assists with any medical expenses. Once you have met your deductible, Part B will pay for 80% of most doctor services, most outpatient therapies, and durable medical equipment, leaving you responsible for the remaining 20%.

Have more questions about Medicare Part B?  Read our guide to understanding it!

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