You might have been enrolled automatically for Part B of Medicare or you might have had to manually enroll for this; however, if you enrolled after the initial enrolment period then you could be liable for a penalty payment for late enrolment.
A standard premium for Medicare Part B is $144.60 in 2020 and this is paid by the majority of people. Should your prior tax returns from the last two years climb above a certain threshold then you may be liable to pay the Income Related Monthly Adjustment Amount (IRMAA).
| If your yearly income in 2018 (for what you pay in 2020) was | You pay each month (in 2020) | ||
| File individual tax return | File joint tax return | File married & separate tax return | |
| $87,000 or less | $174,000 or less | $87,000 or less | $144.60 |
| above $87,000 up to $109,000 | above $174,000 up to $218,000 | Not applicable | $202.40 |
| above $109,000 up to $136,000 | above $218,000 up to $272,000 | Not applicable | $289.20 |
| above $136,000 up to $163,000 | above $272,000 up to $326,000 | Not applicable | $376.00 |
| above $163,000 and less than $500,000 | above $326,000 and less than $750,000 | above $87,000 and less than $413,000 | $462.70 |
| $500,000 or above | $750,000 and above | $413,000 and above | $491.60 |
Thomas M. Brzezinski is one of the founding partners of WMAG William & Michael Advisor Group LLC and Jersey Insurance Solutions. He has been involved in the insurance industry for over ten years and specializes in developing client relationships that last a lifetime.
