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How much does Medicare Cost?

Medicare Part A

Most people will pay $0 for their Medicare Part A. If you worked less than 40 quarters over your lifetime you will have to pay for Part A. Less than 1% of people pay for Part A.

Medicare Part B

Medicare Part B premiums are based on your modified adjusted gross income (MAGI) two years prior. 90% of Medicare beneficiaries pay the base premium. If you have a higher income, you may pay more for your Part B Premium.

If your yearly income in 2020 (for what you pay in 2022) was
File individual tax return File joint tax return File married & separate tax return You pay each month
(in 2022)
$91,000 or less $182,000 or less $91,000 or less $170.10
above $91,000 up to $114,000 above $182,000 up to $228,000 Not applicable $238.10
above $114,000 up to $142,000 above $228,000 up to $284,000 Not applicable $340.20
above $142,000 up to $170,000 above $284,000 up to $340,000 Not applicable $442.30
above $170,000 and less than $500,000 above $340,000 and less than $750,000 above $91,000 and less than $409,000 $544.30
$500,000 or above $750,000 or above $409,000 or above $578.30

Medicare Part D

Most people will pay the standard premium billed by their carrier for part D. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA) in addition to the premium. This also applies if you enroll in a Part C Medicare Advantage plan that includes Part D Drug coverage.

If your filing status and yearly income in 2020 was
File individual tax return File joint tax return File married & separate tax return You pay each month
(in 2022)
$91,000 or less $182,000 or less $91,000 or less your plan premium
above $91,000 up to $114,000 above $182,000 up to $228,000 not applicable $12.40 + your plan premium
above $114,000 up to $142,000 above $228,000 up to $284,000 not applicable $32.10 + your plan premium
above $142,000 up to $170,000 above $284,000 up to $340,000 not applicable $51.70 + your plan premium
above $170,000 and less than $500,000 above $340,000 and less than $750,000 above $91,000 and less than $409,000 $71.30 + your plan premium
$500,000 or above $750,000 or above $409,000 or above $77.90 + your plan premium

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