Most people enrolled in Original Medicare pay a standard Part B premium, along with an annual Part B deductible. Medicare premiums and deductibles change every year, so it’s worth checking the current figures before you budget for coverage. Here’s a breakdown of the Medicare Part B premium, Medicare Part A premium, and other costs that apply if you’re enrolled in Original Medicare Part A and Part B.
Note: Because Medicare premiums, deductibles, and coinsurance amounts are adjusted annually by CMS, the dollar figures below reflect current rates and should be confirmed against the latest CMS announcement each year.
Medicare Part B Premium
According to the Centers for Medicare & Medicaid Services (CMS), the standard monthly Medicare Part B premium is $202.90. If your Part B premium is deducted directly from your Social Security benefit, federal “hold harmless” rules may limit your increase so it doesn’t exceed your Social Security cost-of-living adjustment, meaning some beneficiaries could pay less than the standard amount.
Income-Related Monthly Adjustment Amount (IRMAA)
People with higher incomes pay more than the standard Part B premium. If your modified adjusted gross income (MAGI), as reported on your most recent federal income tax return, is above a certain threshold, you’ll pay the standard premium plus an Income Related Monthly Adjustment Amount (IRMAA), shown below.
| Individual tax return MAGI | Joint tax return MAGI | Married filing separately MAGI | Monthly premium (including IRMAA) |
|---|---|---|---|
| $109,000 or less | $218,000 or less | $109,000 or less | $202.90 |
| Above $109,000 up to $137,000 | Above $218,000 up to $274,000 | N/A | $284.10 |
| Above $137,000 up to $171,000 | Above $274,000 up to $342,000 | N/A | $405.80 |
| Above $171,000 up to $205,000 | Above $342,000 up to $410,000 | N/A | $527.50 |
| Above $205,000 and less than $500,000 | Above $410,000 and less than $750,000 | Above $109,000 and less than $397,000 | $649.20 |
| $500,000 and above | $750,000 and above | $397,000 and above | $689.90 |
Medicare Part A Premium and Deductible
Most people don’t pay a Medicare Part A premium because they or a spouse paid Medicare taxes while working. For those who need to buy Part A coverage, or who want a closer look at the full range of Medicare premiums and deductibles, here are the key figures:
- Medicare Part A deductible for inpatient hospitalization: $1,736 per benefit period
- Medicare Part A premium for those who need to buy coverage:
- $311/month for people with 30–39 quarters of Medicare-covered work history
- $565/month for people with fewer than 30 quarters (most people don’t pay a premium for Medicare Part A)
- Part A coinsurance: $434 per day for days 61 through 90, and $868 per “lifetime reserve day” after day 90 (up to a 60-day lifetime maximum)
- Skilled nursing facility coinsurance: $217 for days 21 through 100 (for each benefit period)
Other Medicare Costs to Know
Beyond the Medicare Part B deductible and Medicare Part A deductible, a few other figures round out the full Medicare cost picture:
- Part B annual deductible: $283
- Once you meet the Part B deductible, Original Medicare generally covers 80% of approved services, leaving you responsible for the remaining 20% coinsurance unless you have supplemental coverage
Why Do Medicare Premiums Change Each Year?
CMS adjusts Medicare premiums and deductibles annually based on projected price changes and expected utilization trends within the program. Increases can vary from year to year, and in some years the change has been more significant than others, so it’s a good habit to check the current figures whenever you’re reviewing your coverage.
Planning Around Your Medicare Costs
Because Medicare premiums, deductibles, and coinsurance amounts change annually, it’s worth reviewing your coverage each year — whether you’re comparing Medicare Supplement plans, Medicare Advantage options, or simply budgeting for out-of-pocket costs. For Florida residents approaching Medicare eligibility or already enrolled, working with a local, licensed agent can help you understand how these figures affect your specific plan and whether a different coverage option could reduce your costs.
If you have questions about how the Medicare Part B premium, Medicare Part A premium, or IRMAA brackets apply to your situation, reach out to a licensed Medicare agent for personalized guidance.
FAQ: Medicare Premiums
How much is the standard Medicare Part B premium?
The standard monthly Medicare Part B premium is currently $202.90. This amount is set annually by CMS and typically increases each year.
What is the current Medicare Part B deductible?
The Medicare Part B deductible is currently $283 per year, adjusted annually by CMS.
Do most people pay a Medicare Part A premium?
No. About 99% of Medicare beneficiaries don’t pay a Part A premium because they or their spouse paid Medicare taxes for at least 40 quarters of covered employment.
What triggers a higher Medicare Part B premium (IRMAA)?
If your modified adjusted gross income on your tax return from two years prior exceeds $109,000 (individual) or $218,000 (joint), you’ll pay an Income Related Monthly Adjustment Amount in addition to the standard Part B premium.
What is the current Medicare Part A deductible?
The Medicare Part A inpatient hospital deductible is currently $1,736 per benefit period.
