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How Much is Medicare Part B?

How much is Medicare Part B?

Medicare Part B Costs:

For Medicare Part B, there are some people who will get Part B-Medical Insurance for Medicare automatically yet others will have to sign up for Part B.

Important note: There may be a penalty for late enrollment you will have to pay for not signing up when you first became eligible.

So how much does Medicare Part B cost?

For Part B, each month you pay a premium. Part B premiums are automatically deducted from your benefit payments. So, if you receive Social Security, Office or Personnel management benefits or Railroad Retirement Board benefits, Part B is automatically deducted. Without these benefit payments, you would then receive a bill.

The standard premium amount is what most people pay. You may pay a (IRMAA) Income Related Monthly Adjustment Amount if your (modified-adjusted-gross-income) has risen over a specific amount. On your IRS tax return, this adjusted gross income reported from 2 years prior, this is the information from your tax return which is provided to the Social Security by the IRS is what Medicare will use.

In 2017 premiums for Part B is in the amount of $134 and depending on your income this could be higher. Though there are many if not most of the people who will get Social Security benefits and end up paying less than that amount. This happened due to the fact the Part B premium cost of living increase for the 2017 Social Security benefits.

You pay less when you pay the Part B premium through the monthly Social Security benefit. On average this is $109.00. The exact amount you are to pay for Part B in 2017 will be given to you by Social Security.

You can find more information regarding payments and cost. Remember it is always best to speak with a professional licensed insurance agent.