2020 Medicare Part B Premiums Announced
Category: Health and Wellness Issues
Nov. 12, 2020 — The standard Part B monthly premium amount in 2020 will be $144.60, up $9.10 from 2019. Most people will pay the standard Part B premium amount. If you modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
| If your yearly income in 2018 (for what you pay in 2020) was | You pay each month (in 2019) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $87,000 or less | $174,000 or less | $87,000 or less | $144.60 |
| above $87,000 up to $109,000 | above $174,000 up to $218,000 | Not applicable | $202.40 |
| above $109,000 up to $136,000 | above $218,000 up to $272,000 | Not applicable | $289.20 |
| above $136,000 up to $163,000 | above $272,000 up to $326,000 | Not applicable | $376.00 |
| above $163,000 and less than $500,000 | above $326,000 and less than $750,000 | above $87,000 and less than $413,000 | $462.70 |
| $500,000 or above | $750,000 and above | $413,000 and above | $491.60 |
Part B deductible & coinsurance
You pay $185 per year in 2019 ($198 in 2020) for your Part B deductible. After your deductible is met, you typically pay 20% of the Medicare-approved amount for these:
- Most doctor services (including most doctor services while you’re a hospital inpatient)
- Outpatient therapy
- Durable medical equipment (DME)
Comments on "2020 Medicare Part B Premiums Announced"
Dave says:
well it certainly is becoming even more expensive to grow old. The penalty (IRMAA) for middle class AGI is ridiculous'; particularly using 2 years removed AGI tax filings. If you are a recent retiree where pensions drop 70-80% of salary, you will have a wait a year (or sometimes two) to get to an acceptable level of pay. Yes you can file an amended request, but just the idea of paying a penalty for working hard during your life is so frustrating. Medicare is a broke system as is SS.
Trout River says:
To be in the top 10% of household income would require an income of $184,200 and a household income of $174,000 would place you in the top 12% of all households in the US.
Seems fair to require a higher Part B premium.
Source :https://dqydj.com/household-income-percentile-calculator/
Maimi says:
Trout River, people who work hard to earn more should not be penalized by the government. People who are over 65 who chose to work and pay high taxes to support those who chose to retire , should not have to pay more for health insurance. Totally infair.
Maimi says:
I meant unfair.....
Kate says:
Dave - Just a reminder that SSA-44 is the form that you can file so that prior two years of salary won't be factored into your Medicare premium once you retire. They didn't tell me about that form at the Socal Security office, by the way. I learned about it on one of the fnancial web sites.
Jean says:
https://www.ssa.gov/pubs/EN-05-10536.pdf
Here’s the publication from SSA’s website that explains how it’s determined if a person needs to pay a higher Part B premium, which events allow a person to request a change, etc