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 2023 is $164.90. 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 based on your MAGI. It also shows the extra amount you will pay for your Medicare Part D (your drug plan) if your MAGI is over a certain level.
| Yearly income in 2021: single | Yearly income in 2021: married, joint filing | 2023 Medicare Part B monthly premium | 2023 Medicare Part D monthly premium |
| ≤ $97,000 | ≤ $194,000 | $164.90 | just your plan’s premium |
| > $97,00–$123,000 | > $194,000–$246,000 | $230.80 | your plan’s premium + $12.20 |
| > $123,000–$153,000 | > $246,000–$306,000 | $329.70 | your plan’s premium + $32.50 |
| > $153,000–$183,000 | > $306,000–$366,000 | $428.60 | your plan’s premium + $50.70 |
| > $183,000– < $500,000 |
> $366,000– < $750,000 |
$527.50 | your plan’s premium + $70.00 |
| ≥ $500,000 | ≥ $750,000 | $560.50 | your plan’s premium + $76.40 |
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.
