Medicare Part B costs in 2024

The standard Medicare Part B premium for 2024 is $164.90 per month for most people who are new to Medicare. If you were already enrolled in Part B in 2023, your premium stayed at $164.90 — it did not increase this year. You pay this amount whether you sign up in January or later in the year.

However, your actual premium may be higher or lower than the standard amount. Income-related adjustments affect roughly one in four Part B enrollees. If your modified adjusted gross income from two years ago was above a certain threshold, you pay a surcharge on top of the base premium. The income brackets and surcharge amounts change each year.

Part B also has an annual deductible of $240 in 2024. This means you pay the first $240 of your Part B-covered services out of your own pocket each calendar year before Medicare starts to pay its share.

Key Takeaways

  • The standard Part B premium is $164.90 per month in 2024, with no increase from 2023.
  • Your actual premium may be higher if your income from 2022 was above $97,000 (single) or $194,000 (married filing jointly).
  • You also pay a $240 annual deductible before Medicare covers Part B services.
  • After you meet the deductible, you typically pay 20 percent of the cost for doctor visits, outpatient care, and other Part B services.
  • Income-related premiums are recalculated each year based on your tax return from two years prior.

Who pays the higher income-related premium

If your modified adjusted gross income (MAGI) from 2022 was above a certain level, you pay extra. For 2024, the income thresholds are $97,000 for a single filer and $194,000 for married filing jointly. These thresholds do not change year to year, but the surcharge amounts do.

The surcharge ranges from $65.80 to $197.40 per month, depending on your income bracket. Someone with a MAGI of $110,000 pays more than someone with a MAGI of $100,000. The higher your income, the higher the surcharge stacks on top of the $164.90 base premium.

Medicare calculates this using your tax return from two years before. In 2024, Medicare looks at your 2022 tax return. If your income drops significantly in 2023 or 2024 — for example, because you retired or had a major life change — you can request a recalculation. You will need to file a form with Social Security and provide documentation of the change.

What Part B actually covers

Part B covers doctor visits, outpatient hospital services, medical equipment, and preventive care like screenings and vaccines. Once you pay the $240 deductible, Medicare typically pays 80 percent of the approved amount for these services, and you pay the remaining 20 percent.

Preventive services — such as annual wellness visits, mammograms, colonoscopies, and flu shots — are covered at no cost to you after you meet the deductible. This means Medicare pays 100 percent once you have paid the $240 annual deductible.

Part B does not cover dental, vision, 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 purchase a separate plan or enroll in a Medicare Advantage plan that includes them.

How to pay your Part B premium

Most people have their Part B premium deducted automatically from their Social Security check each month. If you do not receive Social Security, or if you want to pay a different way, you can pay by mail, phone, or online through the Medicare website.

Your premium bill arrives in the mail each month, or you can view it in your Medicare account online. If you miss a payment, you have a grace period, but unpaid premiums can affect your coverage. If you stop paying and do not have other health insurance, you may face a late enrollment penalty when you try to enroll again.

Income-related premiums and life changes

Your income-related premium is based on your tax return from two years ago. If your income drops — because you retire, lose a job, or have a major life event — you can request that Medicare recalculate your premium using your current year's income instead.

To request a recalculation, file Form SSA-44 with Social Security. You will need to provide proof of the life change, such as a recent tax return, a letter from your employer, or a divorce decree. Social Security will review your request and send you a new premium notice if your income qualifies you for a lower amount.

Common life changes that may have access to for recalculation include retirement, loss of income, death of a spouse, divorce, or loss of employer coverage. You can file the form at any time during the year, and the new premium takes effect the month after Social Security approves your request.

Part B premiums if you have a Medigap or Medicare Advantage plan

Your Part B premium is the same whether you have Original Medicare with a Medigap policy or a Medicare Advantage plan. The $164.90 base premium (or your income-related amount) goes to Medicare, not to your supplemental plan.

If you have a Medigap policy, you pay the Part B premium to Medicare and a separate premium to your Medigap insurance company. The Medigap premium covers the 20 percent coinsurance and other out-of-pocket costs that Original Medicare does not pay.

If you have a Medicare Advantage plan, you still pay the Part B premium to Medicare. You also pay a separate premium to your Medicare Advantage plan, which may be $0 or several hundred dollars per month depending on the plan. Some Medicare Advantage plans cover services that Original Medicare does not, such as dental or vision.

When Part B premiums increase

Part B premiums are set each year by Medicare based on expected costs for the coming year. The standard premium can increase or stay the same — it does not decrease. In 2024, the standard premium remained at $164.90, the same as 2023.

Even if the standard premium does not change, your personal premium may change if your income crosses into a higher bracket. Medicare recalculates income-related premiums every year using your most recent tax return.

You receive a notice each year showing your premium for the coming year. If you disagree with the amount or believe there is an error, you can appeal. Contact Social Security or Medicare directly to request a review.

Frequently Asked Questions

Can I delay enrolling in Part B to avoid paying the premium?

You can delay Part B if you or your spouse still work and have employer health insurance. However, if you delay without this coverage, you will owe a late enrollment penalty for as long as you have Part B. The penalty is 10 percent of the standard premium for each year you were may be able to access but did not enroll.

What happens if I cannot afford the Part B premium?

If your income is low, you may be able to get help paying your premiums through your state's Medicare Savings Program. These programs pay your Part B premium, deductible, and coinsurance for people who meet income and asset limits. Contact your state Medicaid office to learn whether you may have access to.

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

No. Your Part B premium is the same no matter where you live in the United States. However, your out-of-pocket costs for actual medical services may vary depending on what doctors and hospitals charge in your area and what your supplemental coverage includes.

If I enroll in Part B mid-year, do I pay a prorated premium?

No. You pay the full monthly premium for any month in which you are enrolled, even if you enroll partway through the month. For example, if you enroll on March 15, you pay the full March premium plus premiums for April onward.

How do I know if my income-related premium is correct?

Review the notice Medicare sends you each year. It shows your MAGI from two years prior and your resulting premium bracket. If the income amount is wrong, contact Social Security with a copy of your tax return to request a correction. If your current income is much lower, you can request a recalculation using Form SSA-44.