ORIGINAL MEDICARE
Last Updated on by
The standard Part B premium amount is $144.60 for 2020. For those who fall in a higher income bracket, you could pay as much as $491.60 a month for Part B. Below, we’ll go over the standard Part B premium, the premium surcharge, how to pay your premium, and how to get help paying the monthly premium if you’re lower income.
Medicare Part B Premium in 2020
Medicare Income Related Monthly Adjustment Amount
Part B premium surcharges for higher-income beneficiaries only impact individuals with an income of more than $87,000. For couples with an income above $174,000, you’ll notice a Part B premium surcharge.
What is the Hold Harmless Provision for Medicare?
If you’re protected by the hold-harmless provision, your premium won’t increase if the cost of living adjustment amount isn’t enough to cover the premium increase. The premium increase instead becomes the same as your Social Security benefits increase.
Hold Harmless won’t apply to you if:
- You’re new to Medicare
- Subjected to the IRMAA
- Enrolled in the Medicare Savings Program (MSP)
- The MSP in 2018 but lost benefits due to income increase
- Or you didn’t re-certify
For those subjected to the Part B late enrollment penalty, your penalty will increase since the penalty is calculated based on the current premium.
How Do I Pay My Medicare Part B Premium?
How Do I Pay My Medicare Part B Premium if I’m Not on Social Security?
If you’re not collecting Social Security benefits, you’ll receive a bill for your Part B premium. This bill is called a “Medicare Premium Bill”. You can also select to have the Part B premium deducted from an annuity. You can pay directly from a bank account by utilizing your online bill payment service. If you aren’t comfortable with that you can pay by check, money order, credit as well as a debit card.
You can do this by simply sending the payment to:
Medicare Premium Collection Center
PO Box 790355
St.Louis, MO 63179-0355
If the credit or debit card you use only has month and year, leave the day field blank on the payment coupon.
You must submit payments with the form filled out on the bottom. When the bottom portion is incomplete, payment may not be processed.
Be sure to sign the payment form before submitting it to the address above.
Can I Get Help Paying My Medicare Part B Premium?
Does the Medicare Part B Premium Change Every Year Based on Income?
Does Everyone Pay the Same for Medicare Part B?
Do You Pay the Part B Premium with Medicare Advantage?
Who Qualifies for Free Medicare Part B?
What is the Standard Medicare Part B Premium for 2020?
What If Your Medicare Premium is Late?
Get Help Paying Cost-Sharing Under Part B
About The Author
I am 64 and will turn 65 on March 4th of this year.Retired.I initially turned down Part B on Social Security offering because of the extra expense and the fact that I still carry my FEP Anthem Blue /Cross insurance. My wife does not turn 65 until March 17, 2019 so she is not eligible for B.
If I change my mind on electing B coverage,can I still do that and begin having it deducted from my Social Security check?
Yes, you would need to contact the Social Security Administration or your local Medicare/Social Security Office. They can only deduct from your Social Security if you are drawing Social Security. If you are just taking Medicare and not drawing Social Security, you will generally get a quarterly bill to pay the Part B Premium. Once you enroll in Medicare Part B, give us a call so we can get you enrolled in a Medigap plan to cover the out of pocket expenses Part A and Part B doesn’t cover!
If I get reimbursed for medicare part b premiums through a company sponsored hra, can I still deduct them on my tax return?
Hi Bonny! This is a great question. Unfortunately, you can only deduct medical expenses that you paid with your own out of pocket funds that were not reimbursed.
I received notice of increased Medicare Part B & D premiums due to income. I have VA drug coverage, am I able to opt out of Medicare Part D drug coverage?
Hi Ralph! This is a great question. So yes, you’ll be able to opt-out of Part D without being penalized since Veteran benefits are considered creditable coverage under Part D. However, it is NOT considered creditable coverage under Part B. If you were to drop your Part B, you will incur a penalty for each year you went without coverage that will be applied to your premium if you ever decided to enroll back into Part B again. I would highly recommend you do not drop your Part B, but your Part D is fine to drop.
OK, You identify the 2020 Part B premiums. How do I know what my 2020 Medigap policy premium will be?
Hi Doree! Your Medigap carrier will send you a letter during your renewal time that will inform you of any premium increases.
I retired on April 2019, and I would like to know if my premium will be increase for 2020
Hi Maria! Are you referring to the Part B premium? Assuming you enrolled in Part B already, your premium is currently $135.50. Yes, your Part B premium will increase to $144.60 starting in 2020. If you delayed enrollment without creditable coverage, you could have a late enrollment penalty added on to your monthly premium. However, since you retired less than 12 months ago, you should not have any late penalty at this point. If you wait to enroll in Part B until April 2020 or after, you’ll start incurring that penalty.