The standard Part B premium for 2024 is $174.70 per month

Most people on Medicare Part B pay $174.70 each month in 2024. This is the amount that comes out of your Social Security check or that you pay directly to Medicare. The premium covers doctor visits, outpatient care, lab work, and other services that Part A (hospital insurance) does not.

Your actual premium may be higher or lower than this standard amount. It depends on your income, when you first signed up for Part B, and whether you have had a break in coverage. Some people also pay a surcharge called an Income-Related Monthly Adjustment Amount (IRMAA) on top of the base premium if their income is above a certain level.

The premium amount changes each year. Medicare announces the new premium in the fall, and it takes effect January 1. You will see the new amount on your Medicare card and in your benefit statement.

Key Takeaways

  • The standard Part B premium for 2024 is $174.70 per month, though your actual cost may differ based on your income and enrollment history.
  • If your income is above $97,000 (single) or $194,000 (married filing jointly), you will pay an additional surcharge called IRMAA on top of the base premium.
  • You pay Part B premiums for as long as you are enrolled in Part B, even if you do not use Medicare services that month.
  • The premium amount increases each year, and Medicare announces the new rate in October for the following January.
  • If you delayed signing up for Part B and do not have a valid reason, you may pay a permanent 10 percent penalty on top of your premium for each year you were late.

How income affects what you pay

If your modified adjusted gross income (MAGI) is above certain thresholds, Medicare adds an extra charge to your Part B premium. For 2024, the income thresholds are $97,000 for a single person and $194,000 for a married couple filing jointly. These thresholds do not change year to year, even though the surcharge amounts do.

The surcharge is based on income from two years before the current year. So your 2024 premium is based on your 2022 income. This means a major life event — like retirement, the death of a spouse, or a large one-time payment — may not affect your premium until two years later.

If your income drops because of a life event like retirement or loss of a spouse, you can ask Medicare to recalculate your IRMAA. You will need to report the event and provide proof, such as a tax return or a death certificate. Medicare calls this a life-changing event appeal.

When you pay more because you signed up late

If you did not sign up for Part B when you first became may be able to access at age 65, and you did not have a valid reason to delay, Medicare charges you a permanent penalty. The penalty is 10 percent of the base premium for each full year you were late. This penalty stays with you for as long as you have Part B.

Valid reasons to delay without penalty include having group health insurance through your job or your spouse's job, or being a federal employee with health coverage. If you had one of these reasons, you do not owe a penalty when you sign up later.

The penalty is calculated on the base premium amount, not on any IRMAA surcharge you may also owe. So if you were two years late and the base premium is $174.70, your penalty would be about $35 per month (20 percent of $174.70) for the rest of your life.

What Part B covers and what it does not

Your Part B premium pays for doctor office visits, preventive care like screenings and vaccines, outpatient surgery, lab tests, X-rays, and some equipment like wheelchairs or oxygen. It also covers mental health services and physical therapy when ordered by a doctor.

Part B does not cover dental care, vision exams, hearing aids, or long-term care. It also does not cover prescription drugs — that is Part D. If you want coverage for these services, you need to buy a separate Medigap or Medicare Advantage plan, or enroll in Part D for drugs.

You still pay out-of-pocket costs even with Part B. You pay a yearly deductible (which varies by year), and then you pay 20 percent of the cost of most services after that. Some preventive services are covered at no cost to you.

How to pay your Part B premium

If you get Social Security, your Part B premium is usually taken directly from your monthly check. You see the amount deducted before you receive your payment. If you do not get Social Security, Medicare sends you a bill each month, and you pay by check, online, or automatic bank withdrawal.

You can set up automatic payments through your bank account to make sure your premium is paid on time. If your payment is late, Medicare may disenroll you from Part B, and you will have to sign up again during the next enrollment period.

If you cannot afford your Part B premium, you may be able to get help through your state's Medicare Savings Program. This program pays some or all of your Part B premium if your income is low enough. Each state runs its own program, so the income limits vary.

Changes to Part B costs over time

Part B premiums have increased most years. In 2023, the premium was $164.90, and it rose to $174.70 in 2024. The increase is based on the cost of medical services and the expected use of Part B services by people on Medicare.

Medicare announces the new premium amount in October, and it takes effect January 1 of the following year. You will receive a notice in the mail explaining the new premium and any changes to your coverage or costs.

If you disagree with the premium increase or believe there has been an error in your bill, you can contact Medicare at 1-800-MEDICARE to ask questions or file a complaint.

Frequently Asked Questions

Do I have to pay Part B if I do not go to the doctor?

Yes. You pay the Part B premium every month you are enrolled, regardless of whether you use any services. The only way to stop paying is to disenroll from Part B, though this may result in a penalty if you sign up again later.

What is the difference between the base premium and IRMAA?

The base premium is the standard amount everyone pays — $174.70 in 2024. IRMAA is an extra charge added if your income is above the threshold. For example, a single person with income over $97,000 pays the base premium plus an additional amount based on how much their income exceeds the threshold.

Can I appeal my IRMAA surcharge if my income changed?

Yes, if you had a life-changing event like retirement, job loss, or the death of a spouse, you can ask Medicare to recalculate your IRMAA. You will need to report the event and provide proof. Contact Medicare at 1-800-MEDICARE or visit your local Social Security office to file an appeal.

What happens if I cannot pay my Part B premium?

Contact Medicare right away at 1-800-MEDICARE. You may be able to set up a payment plan, or you may may have access to for the Medicare Savings Program in your state, which can pay part or all of your premium based on your income.

Does my Part B premium change if I move to a different state?

No. Part B premiums are the same across all states. However, your IRMAA may change if your state income tax situation changes, and your access to state programs like the Medicare Savings Program will depend on your new state's rules.