Answer:

Medicare Part B Premium

What you pay for your Medicare Part B premium changes slightly each year and is based on income and when you enroll. For 2021, the standard Part B premium is $148.50.[1]

To give you an idea of how this changes year-to-year, the Part B premium was $144.60 in 2020.

Part B Deductible and Coinsurance

Another cost of Part B is the Part B deductible and the related 20% coinsurance.

For 2021, the Part B deductible is $203. In 2020 it was $198. After you meet your deductible for the year, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment (DME).

IRMAA

While most people pay the standard amount for their Medicare Premiums, you may pay less with assistance programs or more based on Modified Adjusted Gross Income (MAGI). If your income is high enough, you’ll pay the standard premium amount plus an additional amount called the Income Related Monthly Adjustment Amount (IRMAA).

The IRMAA Part B costs chart below from Medicare.Gov shows the standard premium and IRMAA adjusted premiums for 2021 based on income.

If your yearly income in 2019 (for what you pay in 2021) was You pay each month (in 2021)
File individual tax return File joint tax return File married & separate tax return
$88,000 or less $176,000 or less $88,000 or less $148.50
above $88,000 up to $111,000 above $176,000 up to $222,000 Not applicable $207.90
above $111,000 up to $138,000 above $222,000 up to $276,000 Not applicable $297.00
above $138,000 up to $165,000 above $276,000 up to $330,000 Not applicable $386.10
above $165,000 and less than $500,000 above $330,000 and less than $750,000 above $88,000 and less than $412,000 $475.20
$500,000 or above $750,000 and above $412,000 and above $504.90
Citations

  1. Part B costs. Medicare.Gov.

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