Understanding Part B Premiums - Classic Insurance

Understanding Part B Premiums

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For most people, Medicare Part B has a monthly premium associated with it. The base premium and a summary for all the possible premiums can be downloaded here.

If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is over the amounts listed below, you may pay more. This doesn’t affect everyone, so most people won’t have to pay a higher amount. Your modified adjusted gross income is your adjusted gross income plus your tax exempt interest income.

If you get Social Security, Railroad Retirement Benefits, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments and choose to sign up for Part B, you’ll get a bill. You will have the option to pay this premium by mailing in a check, paying by credit card, or setting up an automatic bank draft. Once you begin collecting retirement benefits from Social Security, your Part B premiums will automatically be shifted over to social security deduction.

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