Medicare Part B costs you a monthly premium, and the amount depends on your income
The standard Medicare Part B premium for 2024 is $164.90 per month for most people. However, if your income is higher, you will pay more — sometimes significantly more. The exact amount you pay is determined by your modified adjusted gross income (MAGI) from two years prior, which means your 2024 premium is based on your 2022 tax return.
Part B covers doctor visits, outpatient care, lab tests, and medical equipment. The premium is separate from what you pay when you actually use these services — you will also owe a deductible and coinsurance amounts at the time of care.
Key Takeaways
- The standard Part B premium for 2024 is $164.90 per month, but higher-income beneficiaries pay more through income-related monthly adjustment amounts (IRMAA).
- Your premium is based on your income from two years ago, so your 2024 premium reflects your 2022 tax return.
- If your income changes significantly — through retirement, a major loss, or other life events — you can request that Medicare recalculate your premium using current-year income.
- Part B premiums are deducted automatically from your Social Security check unless you chose to pay Medicare directly.
- You also pay a $240 annual deductible for Part B services in 2024, plus 20% coinsurance after that.
Income-based premium amounts for 2024
If your income exceeds certain thresholds, Medicare charges you an Income-Related Monthly Adjustment Amount (IRMAA) on top of the standard premium. The thresholds and surcharges change each year.
| Your 2022 Income (Single Filer) | Your 2022 Income (Married Filing Jointly) | Monthly Premium |
|---|---|---|
| $91,000 or less | $182,000 or less | $164.90 |
| $91,001–$114,000 | $182,001–$228,000 | $230.80 |
| $114,001–$142,000 | $228,001–$284,000 | $296.70 |
| $142,001–$170,000 | $284,001–$340,000 | $362.60 |
| Over $170,000 | Over $340,000 | $428.60 |
These income brackets explore to your modified adjusted gross income (MAGI), which is your adjusted gross income plus any tax-exempt interest you earned. If you are married and file separately, different rules explore — contact Social Security for your specific situation.
How your income is measured and when you can request a change
Medicare uses your tax return from two years before the current year to set your premium. This two-year lag means there is often a gap between your actual current income and the income Medicare is using to calculate what you pay. If your income has dropped significantly since that tax return — through retirement, job loss, or a major life change — you can ask Medicare to recalculate using your current income instead.
To request a recalculation, you will need to contact Social Security and explain the change in your circumstances. You may need to provide recent tax documents, pay stubs, or other proof of your current income. Common may have access to events include retirement, loss of income-producing property, death of a spouse, divorce, or loss of a job. Social Security will review your request and let you know whether your premium will be adjusted.
This process is separate from your initial enrollment. If you are newly may be able to access for Medicare and your current income is much lower than your prior-year tax return shows, it is worth contacting Social Security right away to see whether a recalculation is possible.
What Part B covers and what you pay out of pocket
Your Part B premium covers the cost of the insurance itself, but you will also pay other costs when you use services. In 2024, you pay a $240 annual deductible before Medicare starts to help pay. After you meet the deductible, you typically pay 20% of the cost of covered services, and Medicare pays 80%.
Part B covers doctor office visits, preventive care (like screenings and vaccines), lab tests, imaging, outpatient surgery, and durable medical equipment like wheelchairs and oxygen. It does not cover routine dental, vision, or hearing care — those require separate coverage.
If you see a doctor who does not accept Medicare assignment (meaning they do not agree to accept Medicare's approved amount as full payment), you could owe more than 20%. This is why checking whether your doctor participates in Medicare before your visit can save you money.
How Part B premiums are paid
If you receive Social Security benefits, your Part B premium is deducted automatically from your monthly check. The amount appears on your Social Security statement each month. If you do not receive Social Security, Medicare sends you a bill each month, and you pay it directly.
If you enrolled in Part B late (after your initial enrollment period ended), you may owe a late enrollment penalty on top of your regular premium. This penalty is 10% of the standard premium for each full year you were may be able to access but did not enroll, and it is added to your premium permanently.
You can change how you pay your premium by contacting Social Security or Medicare directly. Some people choose to pay quarterly or annually instead of monthly, though monthly is the default.
When Part B premiums increase and how to plan ahead
Medicare announces new premium amounts each fall for the following year. Increases are tied to the cost of providing Part B services and changes in the Social Security cost-of-living adjustment (COLA). In recent years, premiums have risen, though the amount of increase varies year to year.
If you are approaching Medicare age, it is helpful to budget for Part B costs as part of your retirement planning. The premium itself is only part of the picture — you will also owe the annual deductible and coinsurance when you use services. Some people choose to buy a Medigap policy (supplemental insurance) to help cover these out-of-pocket costs, though Medigap has its own premiums.
You can find the current year's premium amounts and income thresholds on Medicare.gov, or call 1-800-MEDICARE to speak with someone who can explain your specific situation.
Frequently Asked Questions
What if my income dropped after I enrolled in Part B?
Contact Social Security and ask for a recalculation of your Part B premium based on your current income. You will need to explain the change — such as retirement or job loss — and may need to provide recent tax documents or pay stubs. If approved, your premium will be adjusted retroactively, and you may receive a refund for overpayments.
Do I have to take Part B when I turn 65?
You do not have to enroll in Part B, but if you delay enrollment without a valid reason, you will owe a late enrollment penalty for life. The penalty is 10% of the standard premium for each year you were may be able to access but did not sign up. If you are still working and covered by your employer's health plan, you may be able to delay without penalty — ask your employer's benefits office.
Is the Part B premium tax deductible?
No, Medicare premiums are not tax deductible on your federal income tax return. However, if you are self-employed, you may be able to deduct your Part B premium as a business expense. Consult a tax professional about your specific situation.
Can I get help paying my Part B premium?
If your income is low, you may be may be able to access for the may have access to Individual (QI) program or the Specified Low-Income Medicare Beneficiary (SLMB) program, which help pay Part B premiums. These programs are run by your state. Contact your local Medicaid office or call 1-800-MEDICARE to learn whether you may be may be able to access.