MEDICARE PART B PREMIUM:
Most Medicare beneficiaries pay a premium each month for Medicare Part B. The Part B premium is automatically deducted for a beneficiary’s Social Security check. If a beneficiary is not collecting Social Security, they will be billed quarterly for their Medicare Part B premium. The standard Part B premium for 2021 is $148.50. Most people pay the standard Part B premium amount. If a beneficiary’s modified adjusted gross income reported on their IRS tax return from two years ago is above a certain amount, they will pay the standard premium amount PLUS an Income Related Monthly Adjusted Amount (IRMAA). For higher net worth beneficiaries, the Medicare Part B premium in 2021 can range from $148.50-$504.90 per month.
If beneficiaries experience a life-changing event that causes their income to go down, they are eligible to request a reduction in their IRMMA amount. Beneficiaries must complete Social Security form SSA-44 and return to Social Security for consideration.