The standard Part B premium for 2024 is $164.90 per month

Most people on Medicare pay this amount, which comes out of your Social Security check automatically. The exact premium you pay depends on your income from two years ago — if your income was higher, you pay more. Medicare adjusts the standard amount each year, so what you paid last year may not be what you pay this year.

Part B covers doctor visits, outpatient care, and some preventive services. The monthly premium is separate from the deductible you pay when you use services, and separate from any copays or coinsurance amounts.

Key Takeaways

  • The standard Part B premium is $164.90 per month in 2024, but your actual premium may be higher if your income from two years prior exceeded certain thresholds.
  • If your income was above $97,000 (single) or $194,000 (married filing jointly) in 2022, you pay an extra amount called Income-Related Monthly Adjustment Amount (IRMAA).
  • Your premium is usually deducted from your Social Security payment, but you can choose to pay Medicare directly instead.
  • You can appeal an IRMAA increase if your income dropped due to retirement, divorce, or death of a spouse in the current year.

How income affects what you pay

Medicare uses your Modified Adjusted Gross Income (MAGI) from your tax return from two years before the current year. If that income was above a certain level, you pay the standard premium plus an extra amount called an Income-Related Monthly Adjustment Amount, or IRMAA.

For 2024, if you were single and your 2022 income was above $97,000, you pay more. If you were married filing jointly, the threshold is $194,000. The higher your income above these amounts, the more you pay — there are five income brackets, and the highest earners pay up to $560.50 per month for Part B alone.

This can feel unfair if your income dropped after you filed that tax return — say you retired or lost a spouse. You can request a reconsideration if a life event changed your current-year income.

What happens if you delay enrolling in Part B

If you did not sign up for Part B when you first became may be able to access at 65, you pay a permanent penalty of 10 percent for each year you waited. This penalty stays on your premium for the rest of your life, even if your income drops later.

The exception is if you had employer health coverage when you turned 65. In that case, you have a window after that coverage ends to sign up without penalty. You must sign up within eight months of losing the employer plan, or the penalty applies.

How to pay your Part B premium

If you receive Social Security, Medicare automatically deducts your Part B premium from your monthly check. You see the amount taken out on your Social Security statement each month.

If you do not receive Social Security, Medicare sends you a bill each month. You can pay by mail, phone, or online through the Medicare website. Some people choose to pay directly to Medicare instead of having it deducted from Social Security — you can make this change by contacting Social Security.

Part B premium versus deductible and copays

The monthly premium is only one cost. You also pay a yearly deductible before Part B starts to cover anything — for 2024, that deductible is $240. After you meet the deductible, you typically pay 20 percent of the cost of covered services.

Some services, like preventive care and certain screenings, have no copay or coinsurance after you meet the deductible. Others, like office visits or lab work, require you to pay your share. The monthly premium does not cover these costs — it just gives you access to Part B services.

When your premium changes during the year

Your premium can change if Medicare recalculates your IRMAA based on a life event. If you retired, got divorced, or lost a spouse in the current year, your income may be lower than the tax return Medicare is using. You can file a form called the Medicare Income-Related Monthly Adjustment Amount — Life-Changing Event to request a new calculation.

You have until December 31 of the year after the event to request this change. If approved, your new premium takes effect the following month. Without this request, you pay the higher amount for the whole year.

Frequently Asked Questions

Can I get Part B for free?

No. Everyone on Medicare Part B pays a monthly premium. The standard amount is $164.90 in 2024, though you may pay more if your income is higher. There is no way to avoid the premium if you are enrolled in Part B.

What if I cannot afford my Part B premium?

You may be able to get help through Medicaid or a Medicare Savings Program, which varies by state. Contact your state Medicaid office or call 1-800-MEDICARE to learn what programs exist in your area. You can also request a reconsideration of your IRMAA if a recent life event lowered your income.

Does my premium go down if I do not use Medicare services?

No. You pay the same premium whether you see a doctor once a year or ten times a year. The premium is a fixed monthly cost for having Part B coverage.

What if I think my IRMAA is wrong?

You can appeal. Contact Social Security or Medicare with a copy of your most recent tax return and any documents showing a life event (retirement papers, divorce decree, death certificate). You have 60 days from the date on your notice to request an appeal.

Do I have to take Part B when I turn 65?

Not if you have employer health coverage. But if you do not enroll when first may be able to access and lose that coverage later, you pay a permanent 10 percent penalty on your premium. If you are unsure, it is safer to enroll during your initial enrollment window.