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Medicare Costs

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
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: 
  • 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
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Calculating Modified Adjusted Gross Income (MAGI)

Attend a Medicare 101 / Request an Appointment  / Medicare Basics  / Medicare Costs  / Apply for Medicare
​Filling Medicare Gaps / Resources
 
​
  • Home
  • About Us
    • Our Story
    • Reviews
    • Client Services Team
    • How Does a Medicare Agent Get Paid
    • Careers
    • Medicare FAQs
    • Contact Us
  • For Agents
    • Working with Black Point
    • Agent Testimonials
    • Register for Training
    • Get Contracted
    • Resources
    • Contact Us
  • Medicare Help
    • Attend a Medicare 101
    • Request an Appointment
    • Medicare Basics
    • Medicare Costs
    • Apply for Medicare
    • Filling Medicare Gaps
    • Resources
  • Existing Clients
    • Attend a Client Webinar
    • Contact Us
  • Social Media
    • Insure Your Health
    • This is 65
  • Privacy Policy