(888) 335-8996

Speak with a Licensed Insurance Agent

Search
Close this search box.

Medicare Part B Premium for 2024

Original Medicare has two parts, Medicare Part A which covers inpatient services and Medicare Part B for outpatient coverage. Unlike Part A, anyone who is enrolled in Medicare Part B has to pay the monthly premium for coverage.

Find Medicare Plans in 3 Easy Steps

Let us help you navigate your Medicare journey

Below, we review the Medicare Part B premium for 2024.

Medicare Part B Premium in 2024

Each year the Medicare Part B premium amount changes to reflect inflation and the economic status of the U.S. The standard Medicare Part B premium in 2024 is $164.60 per month and can be as high as $594.00 monthly for high-earning beneficiaries. The standard Medicare Part B Premium in 2024 is a $9.80 per month increase from the 2023 Part B premium of $164.90. 

If your income falls above a certain threshold, you will be subject to paying an Income-Related Monthly Adjustment Amount. This additional charge is on top of the standard monthly Medicare Part B premium to balance the cost between high and lower-earning beneficiaries. 

You will pay the standard Medicare Part B premium in 2024 regardless of income if:

  • You enroll in Medicare Part B for the first time in 2024
  • You are billed directly for your Medicare Part B premium
  • You do not receive Social Security benefits
  • You have Medicare and Medicaid (Medicaid must pay your premium)

Medicare Income-Related Monthly Adjustment Amount

The Medicare Income Related Monthly Adjustment Amount (IRMAA) is a Medicare Part B premium surcharge for higher-income beneficiaries. This only impacts individuals with more than $103,000 or couples filing jointly with an income above $206,000. 

IRMAA is calculated based on your income tax return from two years prior. Thus, your 2024 IRMAA would be based on your 2022 tax return. However, if you experience a drastic decrease in income within those two years, you can file an appeal to have your IRMAA determination reviewed and possibly overturned. 

Below is the IRMAA determination chart for the Medicare Part B Premium in 2024.

2022 Annual Income: Individual 2022 Annual Income: Filing Jointly 2022 Annual Income: Filing Separately Medicare Part B Premium 2024 Medicare Part D Premium 2024
$0 – $103,000 $0 – $206,000 $0 – $97,000 $174.70  Plan Premium
$103,001 – $129,000 $206,001 – $258,000 $244.60 Plan Premium + $12.90
$129,001 – $161,000 $258,001 – $322,000 $349.40 Plan Premium + $33.30
$161,001 – $193,000 $322,001 – $386,000 $454.20 Plan Premium + $53.80
$193,001 – $499,999 $386,001 – $749,999 $103,001- $397,000 $559.00 Plan Premium + $74.20
> $500,000 + $750,000 + $397,001 + $594.00 Plan Premium + $81.00
2021 Annual Income: Individual 2021 Annual Income: Filing Jointly 2021 Annual Income: Filing Separately Medicare Part B Premium 2023 Medicare Part D Premium 2023
$0 – $97,000 $0 – $194,000 $0 – $97,000 $164.90  Plan Premium
$97,001 – $123,000 $194,001 – $246,000 $230.80 Plan Premium + $12.20
$123,001 – $153,000 $246,001 – $306,000 $329.70 Plan Premium + $31.50
$153,001 – $183,000 $306,001 – $366,000 $428.60 Plan Premium + $50.70
$183,001 – $499,999 $366,001 – $749,999 $97,001- $403,000 $527.50 Plan Premium + $70.00
> $500,000 + $750,000 + $403,001 + $560.50 Plan Premium + $76.40

How Do I Pay the Medicare Part B Premium in 2024?

Suppose you receive benefits from Social Security, the Railroad Retirement Board, or the Office of Personnel Management. In that case, your premium for Medicare Part B is automatically taken from your monthly benefit check.

Find Medicare Plans in 3 Easy Steps

Let us help you navigate your Medicare journey

If you are enrolled in Medicare Part B but are not collecting benefits, you will receive a quarterly bill for your Medicare Part B premium in 2024. You can either pay this directly to Medicare from your bank or have the Medicare Part B premium deducted from an annuity.

You can pay directly from a bank account by utilizing your online bill payment service through MyMedicare. However, if you are uncomfortable with that, you can pay by check, money order, credit card, or 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 a month and year, leave the day field blank on the payment coupon. You must submit payments with the completed form to the address above. Any incomplete payment forms will not be processed.

Medicare Part B Premium FAQs

Can I get help paying my Medicare Part B premium?
Those with limited income or resources could qualify for a Medicare Savings Program to help cover the premium and out-of-pocket costs.
Does the Medicare Part B premium change every year based on income?
Medicare premiums are calculated based on your modified adjusted gross income from two years prior. Thus, your premium can change if you receive a change in income.
Does everyone pay the same for Medicare Part B?
No, each beneficiary will pay a Medicare Part B premium based on their income. 
Do you pay the Medicare Part B premium with Medicare Advantage?
You must still pay your Medicare Part B premium, even when you enroll in a Medicare Advantage plan. When you see so-called zero-premium Medicare Advantage plans, know you are still responsible for your Medicare Part B premium.
What is the standard Medicare Part B Premium for 2024?
The standard Medicare Part B premium for 2024 is $174.70. 
What is the standard Medicare Part B Premium for 2023?
The standard Medicare Part B premium for 2023 is $164.90.
What if your Medicare premium payment is late?
Medicare will send you a second bill to remind you to pay your premium. If you avoid paying the premium by the due date of the second bill, you will then receive a delinquent bill. If you avoid paying the outstanding bill, you will lose your Medicare coverage.

How to Get Help Paying Cost-Sharing Under Part B

There are many out-of-pocket costs left for the beneficiary to pay when it comes to Medicare Part A and Part B. Supplemental Medicare plans help pay these out-of-pocket costs, such as coinsurance and deductibles so you don’t have to.

At MedicareFAQ, our licensed agents are Medicare experts who can help you enroll in a Medicare plan that will help you pay for most, if not all, of your Original Medicare cost-sharing. Give us a call, or complete our rate comparison form to see what options are available in your area now.

Sources

MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.

Kayla Hopkins

Kayla Hopkins

Content Editor
Kayla Hopkins is an accomplished writer and Medicare educator serving as the Editor of MedicareFAQ.com. Upon completing her Communications degree from Ohio University, Kayla dedicated her time to understanding the ever-evolving landscape of healthcare. With her extensive background as a Licensed Insurance Agent, she brings a wealth of knowledge and expertise to her writing.

20 thoughts on "Medicare Part B Premium for 2024"

  1. I have been drawing ss since age 66 while continuing to work and have had great insurance the 10 years I’ve worked there. I’ve been getting ss since 2018 and they’ve always deducted 170 each month dor Medicare part b. Just found out they aren’t suppose to automatically sign you up once you collect benefits. I want this money back. What do I do now

    1. Hi Norman. When you enroll in Social Security benefits you need to complete form CMS-1763 through your local social security office to deny Medicare Part B coverage. If you do not complete this form, you will be automatically enrolled in Medicare Part B when you enroll in Medicare Part A.

    1. Patricia, Trelegy is a covered on all silverscript plans. However, the plan you choose does determine your copayment.

  2. How long is a late enrollment fee charged if I didn’t sign up for part b when Medicare said I was eligible for it? I waited because at the time I couldn’t afford the premium due to the government already taking $250 from my check automatically for a small business loan I had so it caused me to not be able to sign up. When said bill was paid I signed up for part b then. I’m disabled but my husband still works. At the time of my getting my disability he was not working so there was no extra money. I had Medicaid and then we got on the Obama plan until I could get Medicare and I was told I’d be paying this late enrollement fee for the rest of my life on Medicare, true or not?

    1. Rebecca, if you were eligible for Medicare before age 65, your penalty will reset once you reach age 65. If you became eligible for Medicare at age 65, your penalty will be imposed each 12-month period you are eligible for Part B but not enrolled. This will be added to your premium each month you are enrolled in Medicare. So, you are correct. The penalty does not go away after age 65.

  3. My husband and I retired in 2019 with IRMMA rates applied to Medicare premiums due to our working incomes at that time. In 2020 our retirement income was a third of what our working income had been. Will Medicare notify us of a reduction in 2022 premiums due to our reduced income or do we have to appeal to get the reduction.

  4. When will I be receiving my monthly payment coupons for my United Health Care Supplemental Plan I have paid through May 2021, but have not received any for the remainder of the year?

  5. 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?

    1. 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!

  6. If I get reimbursed for medicare part b premiums through a company sponsored hra, can I still deduct them on my tax return?

  7. 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?

    1. 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.

    1. Hi Doree! Your Medigap carrier will send you a letter during your renewal time that will inform you of any premium increases.

    1. 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 $148.50 starting in 2021. 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.

Comment

Your email address will not be published. Required fields are marked *

string(3) "Yes"

5.0 Satisfaction Rating

It’s free and no obligation!

Find the Most Affordable Medicare Plans in your Area

X