Medicare has Premiums
Part A: No fee for the majority of beneficiaries*
Part B: $174.70 monthly for 2024 (automatically deducted from Social Security benefit payments). Individuals with an annual income of more than $103,000 pay a higher premium.
Part C (Medicare Advantage): $174.70 monthly for the Part B premium for 2024, plus any additional premium set by the insurer.
Part D prescription drug plan: Premium varies by plan. The national average premium is $34.50
Medigap: Amount varies by plan and extent of coverage.
*A small number of beneficiaries (who didn’t pay enough Medicare taxes during their working years) pay a premium for Medicare Part A
IRMAA Explained--watch this easy video for IRMAA 2024
Part A: No fee for the majority of beneficiaries*
Part B: $174.70 monthly for 2024 (automatically deducted from Social Security benefit payments). Individuals with an annual income of more than $103,000 pay a higher premium.
Part C (Medicare Advantage): $174.70 monthly for the Part B premium for 2024, plus any additional premium set by the insurer.
Part D prescription drug plan: Premium varies by plan. The national average premium is $34.50
Medigap: Amount varies by plan and extent of coverage.
*A small number of beneficiaries (who didn’t pay enough Medicare taxes during their working years) pay a premium for Medicare Part A
IRMAA Explained--watch this easy video for IRMAA 2024
IRMAA Reconsideration
High earner taxes can effect both B & D premiums but if you've had a life change that reduces your income you may be a good candidate for reconsideration of premiums. Examples include:
High earner taxes can effect both B & D premiums but if you've had a life change that reduces your income you may be a good candidate for reconsideration of premiums. Examples include:
- work stoppage or reduction of hours
- marriage, divorce or being widowed
- the loss of income-producing property
- changes or termination of a pension
- receipt of a settlement from an employer due to company closure or bankruptcy
