What’s the Medicare Part B premium in 2016?

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.

Here’s more from Just Care:

• Medicare checklist: What to do?
• Seven questions to answer before you turn 65
• How much of your health costs will Medicare pay for?
• One in four people with Medicare spend around $11,500 yearly on health costs