The Medicare Part B premium in 2016 is technically $121.80 for people whose yearly income is $85,000 or below. But, Social Security benefits did not go up this year. As a result most people who get Social Security benefits will continue to pay the same Part B premium amount as they paid in 2015, typically $105. The only people who will pay $121.80 are people not receiving Social Security benefits, people enrolling in Part B for the first time in 2016, people with Medicare and Medicaid, though their state will pay the higher premium.
The Part B premium is a lot more for people with incomes over $85,000. People whose modified adjusted gross income from two years ago as reported on their federal tax return is above a certain amount will pay:
- $170.50 a month, if their income is above $85,000 and no more than $107,000.
- $243.60 a month, if their income is above $107,000 and no more than $160,000
- $316.70 a month, if their income is above $160,000 and no more than $214,000
- $389.80 a month, if their income is above $214,000
For married people filing a joint tax return, double the income to arrive at the premium amount.
The Part B annual deductible is $166.
People with incomes up to 135 percent of the federal poverty level, ($1,357 in monthly income for an individual and $1823 for a couple) are eligible for help paying their premiums through Medicaid or a Medicare Savings Program. For more information, including asset limits, visit Medicare Interactive.
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