If you elect to choose Part B as well, then you’ll have to pay a monthly premium.
If you are already collecting benefits from the Social Security Administration, the Railroad Retirement Board or the Office of Personnel Management, then your Part B premium will automatically be deducted from your monthly benefits.
If you are not receiving any of these forms of income, then you will get a bill.
If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA).
Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago.
This is the most recent tax return information provided to Social Security by the IRS.
Income Related Monthly Adjustment Amount (IRMAA)
The standard Part B premium amount in 2020 is $144.60.
Most people pay the standard Part B premium amount.
If your modified adjusted gross income 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.
Part B Deductible and Coinsurance
In 2020, you pay $198 for your Part B deductible.
After you meet your deductible for the year, you typically pay 20% of the Medicare-approved amount for the following supplies and services:
Most doctor services (including most doctor services while you’re a hospital inpatient)
Outpatient therapy
Durable medical equipment (DME)
How Much is Medicare for Part B FAQs
Medicare is a publicly-available health insurance program run by the U.S. government.
Medicare provides health coverage to those who are 65+ (or if you have a disability, regardless of age). Medicaid by contrast is available for those with very low income.
Typically, everyone who is 65 or older, or suffers from a disability is eligible for Medicare.
Medicare Part A is free for most people. For those who don’t meet the criteria for free Medicare Part A, the cost is $458 per month if you paid Medicare taxes for less than 30 quarters over the course of your working career.
