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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.