The standard Medicare Part B premium in 2024 is $164.90 per month

Most people who have Medicare Part B pay a monthly premium that comes out of their Social Security check or is billed directly to them. The amount you pay depends on your income from two years ago — not what you earn right now. If you earned more in the past, you may pay a higher premium through something called Income-Related Monthly Adjustment Amount (IRMAA).

The standard premium changes each year. In 2024 it is $164.90 per month for most people, but this figure shifts annually based on program costs. Your actual bill may be higher or lower depending on when you enrolled, your income level, and whether you have any reductions or credits.

Key Takeaways

  • The standard Part B premium for 2024 is $164.90 per month, but the amount you pay may be higher if your income from two years ago exceeded certain thresholds.
  • Income-based surcharges (IRMAA) can add $70 to $560 per month to your Part B bill depending on your modified adjusted gross income.
  • Your premium is usually deducted automatically from your Social Security payment, or billed separately if you do not receive Social Security.
  • You can reduce your Part B costs by enrolling in a Medicare Advantage plan or a Medigap policy, though these have their own premiums and out-of-pocket limits.
  • If your income drops significantly due to retirement, job loss, or death of a spouse, you can request that Medicare recalculate your IRMAA surcharge.

How income affects what you pay

Medicare looks at your Modified Adjusted Gross Income (MAGI) from two years before the current year to decide if you pay extra. If your MAGI is above a certain level, you pay the standard premium plus an additional amount called IRMAA. These income thresholds change each year.

For 2024, if you are single and your MAGI is above $97,000, you will pay more than the standard premium. If you are married filing jointly, the threshold is $194,000. The higher your income above these amounts, the more you pay — up to a maximum surcharge. The surcharge can range from about $70 to $560 extra per month depending on your income bracket.

The income used is from your tax return from two years ago. So in 2024, Medicare uses your 2022 income. This delay means that if you retired or had a major life change in 2023, your 2024 premium is still based on 2022 earnings.

When and how you pay

If you receive Social Security, your Part B premium is deducted from your monthly benefit automatically. You see the amount on your Social Security statement each month. If you do not receive Social Security, Medicare sends you a bill each month, usually by mail.

Premiums are due on the first of each month. If you pay by mail, allow time for the check to arrive. If you set up automatic bank draft or credit card payments through Medicare, the payment is processed on the due date.

Part B costs beyond the monthly premium

The monthly premium covers Part B enrollment, but you will also pay other costs when you use medical services. These include a yearly deductible (the amount you pay before Medicare starts to help) and coinsurance (a percentage of the cost you share with Medicare after you meet the deductible).

For 2024, the Part B deductible is $240 per year. After you pay this amount, Medicare typically covers 80 percent of approved services and you pay 20 percent. These out-of-pocket costs are separate from your monthly premium and can add up depending on how much medical care you need.

Reducing your Part B costs

One way to lower your overall Medicare costs is to enroll in a Medicare Advantage plan (Part C). These plans are offered by private insurance companies and include Part A and Part B coverage. Many have lower or no monthly premiums than Original Medicare Part B, though they often have higher out-of-pocket costs when you use services.

Another option is a Medigap policy (supplemental insurance), which works alongside Original Medicare. Medigap helps pay the deductible, coinsurance, and copayments that Medicare does not cover. Medigap policies have their own monthly premiums, which vary by plan type and insurance company, but they can reduce your total out-of-pocket spending.

If you have limited income, you may be able to get help paying your Part B premium through your state's Medicare Savings Program. This program pays some or all of your Part B premium, deductible, and coinsurance if you meet income and resource limits. Each state runs its own program with different income thresholds.

What happens if your income changes

If your income drops significantly — because you retired, lost a job, or experienced the death of a spouse — you can ask Medicare to recalculate your IRMAA surcharge. This is called a Life-Changing Event request. You must report the change within 60 days and provide documentation such as a tax return, Social Security statement, or letter from your employer.

If Medicare approves your request, your surcharge can be reduced or removed for the remainder of that year. The new calculation takes effect the month after Medicare processes your request. Without this request, you would continue paying the higher amount based on your old income.

Frequently Asked Questions

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

You can delay Part B if you have employer health coverage through current work, but if you delay without this coverage, you will pay a permanent penalty — an extra 10 percent of the standard premium for each year you were may be able to access but did not enroll. This penalty stays with you for life, so delaying usually costs more in the long run.

Does my Part B premium go up every year?

Yes, the standard Part B premium typically increases each year, though the amount varies. The increase is based on program costs and is announced in the fall for the following year. Your IRMAA surcharge can also change if your income changes or if the income thresholds shift.

What if I cannot afford my Part B premium?

Contact your state's Medicare Savings Program to see if you may have access to for help paying premiums and out-of-pocket costs. You can also call 1-800-MEDICARE to ask about programs in your state. If you are having trouble paying, do not skip payments — contact Medicare directly to discuss your situation.

Does my Part B premium cover prescription drugs?

No. Part B covers doctor visits, outpatient services, and some equipment, but not prescription medications. Prescription drug coverage is Part D, which is a separate enrollment and premium. You can add Part D to Original Medicare or get it through a Medicare Advantage plan.

Can I change my Part B coverage if I do not like my premium?

You can switch to a Medicare Advantage plan during the annual enrollment period (October 15 to December 7), which may have a lower or different premium structure. You can also add or change Medigap coverage, though Medigap premiums vary by plan and company. Changes take effect January 1 of the following year.