How Much Does Medicare Part B Cost for 2020
Original Medicare consists of two Parts; Part A (hospital) and Part B (outpatient). For most of us Medicare Part A does not have any premium, because we have been paying for it through our taxes over our working careers.
Part B on the other hand, has a premium we must pay for. And the premiums are determined by your income.
Social Security looks back at your most recent tax return and to determine your monthly premium for the current year. For example if 2017 is the most recent tax return, the premium would reflect your 2016 income. The Part B premium is adjusted annually if your income falls or raises and placed you in a new category.
Medicare Part B Premium
The Medicare Part B standard monthly premium will be $144.60 in 2020, compared to $135.50 in 2019. Note: The income-related Part B premiums for 2020 will vary depending on the extent to which an individual beneficiary's income exceeds $87,000 (or a married couple's income exceeds $174,000)
Both Medicare Part A and B must be in place and active before you can enroll in any Medicare Supplement, Medicare Advantage or Medicare Part D Rx plan.
Medicare Part A will automatically start when when you turn age 65. Part B may not automatically start especially if you are on an employer health insurance plan or have decided to not take your social security benefits at the time of your 65th birthday.
Always check with Social Security and verify your Medicare start dates. the earliest you can notify Social Security is 3 months prior to your 65th birthday.
|Medicare Part B Premium 2020
|Individual Tax Return
||Joint Filed Tax Return
||2020 Part B Premium
|Less than or equal to $87,000
||Less than or equal to $174,000
|Greater than $87,000 and less than or equal to $109,000
||Greater than $174,000 and less than or equal to $218,000
|Greater than $109,000 and less than or equal to $136,000
||Greater than $218,000 and less than or equal to $272,000
|Greater than $136,000 and less than or equal to $163,000
||Great than $272,000 and less than or equal to $326,000
|Greater than $163,000 and less than or equal to $500,000
||Greater than $326,000 and less than or equal to $750,000
|Greater than or equal to $500,000
||Greater than or equal to $750,000
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Premium is determined by the last available tax return. Premiums are updated annually.
Interested in looking into either Medicare Supplement or Medicare Advantage plan.
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