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Medicare Premiums & Costs
Read about the Medicare premiums that you can expect to pay.
How much does Medicare Cost?
Are you curious what your Medicare premiums are in 2024? Well, we’ve compiled Part B and D premium schedules, which are based on your income. These amounts can change from time to time, and usually coincide with the Cost of Living Adjustment provided by Social Security Administration. Which usually means that the raise you just got from SSA just went to pay for your increased premiums.
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Part A Costs
Most people do not have to pay a premium for Part A because they (or their spouse) paid for it while they worked. If you do have to pay Part A premiums, the longer you or your spouse worked and paid into Social Security, the lower your premiums will be.
| Time Worked | Premium Costs (in 2024) |
|---|---|
| For 10 or more years | $0 |
| Between 7.5 and 10 years | $278 per month |
| For fewer than 7.5 years | $505 per month |
Medicare Part B Premium Schedule
Medicare beneficiaries can find this updated 2024 Part B premium schedule. If your 2022 premium was elevated, however, now you’re in retirement and not reportedly making as much income, you may be interested in finding out how to appeal your Part B premium through Social Security.
| If your yearly income in 2022 was | You pay (in 2024) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $103,000 or less | $206,000 or less | $103,000 or less | $174.70 |
| above $103,001 up to $129,000 |
above $206,001 up to $258,000 |
not applicable | $244.60 |
| above $129,001 up to $161,000 |
above $258,001 up to $322,000 |
not applicable | $349.40 |
| above $161,001 up to $193,000 |
above $322,001 up to $386,000 |
not applicable | $454.20 |
| above $193,001 up to $500,000 | above $386,001 up to $750,000 | above $103,000 up to $397,000 | $559.00 |
| above $500,000 | above $750,000 | above $397,000 | $594.00 |
If you have questions about your Part B premium, call Social Security
at 1-800-772-1213. TTY users can call 1-800-325-0778. If you pay a late
enrollment penalty, these amounts may be higher.
It’s likely that if you’re paying a higher Part B premium, you’ll also be affected by an increase in your Part D plan pricing as well.
Medicare Part D Premium Schedule
The chart below shows your estimated prescription drug plan monthly premium based on your income. If your income is above a certain limit, you will pay an income-related monthly adjustment amount in addition to your plan premium.
| If your yearly income in 2022 was | You pay (in 2024) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $103,000 or less | $206,000 or less | $103,000 or less | Your plan premium |
| above $103,001 up to $129,000 |
above $206,001 up to $258,000 |
not applicable | $12.90 + your plan premium |
| above $129,001 up to $161,000 |
above $258,001 up to $322,000 |
not applicable | $33.30 + your plan premium |
| above $161,001 up to $193,000 |
above $322,001 up to $386,000 |
not applicable | $53.80 + your plan premium |
| above $193,001 up to $500,000 | above $386,001 up to $750,000 | above $103,001 up to $397,000 | $74.20 + your plan premium |
| above $500,000 | above $750,000 | above $397,000 | $81.00 + your plan premium |
If you have questions about your Part B premium, call Social Security
at 1-800-772-1213. TTY users can call 1-800-325-0778. If you pay a late
enrollment penalty, these amounts may be higher.
The Center’s for Medicaid & Medicare (CMS), the entity which oversees Medicare, has announced published these in their official press release.
Conclusion
The reality is that if you’re a high-income earner, you may be paying significant premiums in retirement. While on the other hand, if you’re a low-income earner, you may qualify for extra help and not pay any Part B or D premiums. If you think you may qualify for Medicare Extra Help, check out this article.
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You may be swimming after examining these premium tables. Let us help you figure this out.
