All Medicare beneficiaries must be enrolled in both Medicare Part A and B before they are allowed to enroll in a Medicare Supplement or Advantage policy. The standard Part B premium amount in 2024 is $174.70. Most people 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 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 what you can expect to pay for Medicare Part B.
Find out if you’ll pay a higher Part B premium in 2024:
| As this chart show, your 2022 MAGI determines if your Part B premium will be more than the standard amount: | You pay each month (in 2024) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $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 |
As this chart shows, if you pay more for Medicare Part B, you will also pay more for your Medicare drug plan:
2024
As this chart shows, if you pay more than the standard amount for Medicare Part B, you will pay more for your drug plan:
| File individual tax return | File joint tax return | File married & separate tax return | You pay each month (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 |
If you find that your past income will cause you to pay more for both Medicare Part B and your drug plan, but expect your income to be much lower after retirement, you can contact Social Security at 1 800 408 1212 and appeal these additional premiums. Social Security is opened Monday through Friday from 7 AM until 7 PM.
