How is Medicare Part B Premium Calculated

Medicare Part B Premium Calculator (2024)

Use this calculator to estimate your monthly Medicare Part B premium, including any Income-Related Monthly Adjustment Amount (IRMAA), based on your Modified Adjusted Gross Income (MAGI) from two years prior and your tax filing status.

Single, Head of Household, Qualifying Widow(er) Married Filing Jointly Married Filing Separately

function calculatePartBPremium() { var magiInput = document.getElementById("magi").value; var filingStatus = document.getElementById("filingStatus").value; var resultDiv = document.getElementById("result"); var magi = parseFloat(magiInput); if (isNaN(magi) || magi < 0) { resultDiv.innerHTML = "Please enter a valid Modified Adjusted Gross Income (MAGI)."; return; } var standardPremium = 174.70; // 2024 Standard Part B Premium var irmaaAmount = 0; var totalPremium = standardPremium; var irmaaTier = "Standard"; // 2024 IRMAA Tiers and Surcharges // Surcharges are added ON TOP of the standard premium if (filingStatus === "single") { if (magi <= 103000) { irmaaAmount = 0; irmaaTier = "Standard"; } else if (magi <= 129000) { irmaaAmount = 69.90; irmaaTier = "Tier 1"; } else if (magi <= 161000) { irmaaAmount = 174.70; irmaaTier = "Tier 2"; } else if (magi <= 193000) { irmaaAmount = 279.50; irmaaTier = "Tier 3"; } else if (magi 500000 irmaaAmount = 419.30; irmaaTier = "Tier 5 (Highest)"; } } else if (filingStatus === "marriedJointly") { if (magi <= 206000) { irmaaAmount = 0; irmaaTier = "Standard"; } else if (magi <= 258000) { irmaaAmount = 69.90; irmaaTier = "Tier 1"; } else if (magi <= 322000) { irmaaAmount = 174.70; irmaaTier = "Tier 2"; } else if (magi <= 386000) { irmaaAmount = 279.50; irmaaTier = "Tier 3"; } else if (magi 750000 irmaaAmount = 419.30; irmaaTier = "Tier 5 (Highest)"; } } else if (filingStatus === "marriedSeparately") { if (magi <= 103000) { irmaaAmount = 0; irmaaTier = "Standard"; } else if (magi <= 161000) { irmaaAmount = 69.90; irmaaTier = "Tier 1"; } else if (magi <= 322000) { irmaaAmount = 174.70; irmaaTier = "Tier 2"; } else if (magi <= 386000) { irmaaAmount = 279.50; irmaaTier = "Tier 3"; } else if (magi 750000 irmaaAmount = 419.30; irmaaTier = "Tier 5 (Highest)"; } } totalPremium = standardPremium + irmaaAmount; var resultHTML = "

Your Estimated Monthly Medicare Part B Premium:

"; resultHTML += "Standard Part B Premium: $" + standardPremium.toFixed(2) + ""; if (irmaaAmount > 0) { resultHTML += "Income-Related Monthly Adjustment Amount (IRMAA): $" + irmaaAmount.toFixed(2) + " (Tier: " + irmaaTier + ")"; } else { resultHTML += "Income-Related Monthly Adjustment Amount (IRMAA): $0.00 (Your income is within the standard premium range)"; } resultHTML += "Total Estimated Monthly Premium: $" + totalPremium.toFixed(2) + ""; resultHTML += "Based on your MAGI of $" + magi.toLocaleString() + " and filing status."; resultDiv.innerHTML = resultHTML; }

Understanding Your Medicare Part B Premium

Medicare Part B covers medically necessary services like doctor visits, outpatient care, home health services, durable medical equipment, and some preventive services. While most people don't pay a premium for Medicare Part A (hospital insurance), almost everyone pays a monthly premium for Part B.

The Standard Part B Premium

Each year, the Centers for Medicare & Medicaid Services (CMS) sets a standard monthly premium for Medicare Part B. For 2024, the standard Part B premium is $174.70. This is the amount most Medicare beneficiaries pay.

What is IRMAA? The Income-Related Monthly Adjustment Amount

However, if your income is above a certain threshold, you may have to pay an Income-Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your standard Part B premium. It means that individuals and couples with higher incomes pay a higher Part B premium.

How is Your Income Determined for IRMAA?

The Social Security Administration (SSA) determines if you owe IRMAA based on your Modified Adjusted Gross Income (MAGI) from two years prior. For example, your 2024 Part B premium is based on your MAGI from your 2022 tax return. Your MAGI includes your adjusted gross income (AGI) plus any tax-exempt interest income.

Filing Status Matters

Your tax filing status also plays a crucial role in determining your IRMAA. The income thresholds for IRMAA vary significantly depending on whether you file as single, married filing jointly, or married filing separately. The calculator above accounts for these different thresholds.

2024 IRMAA Tiers and Surcharges (Monthly)

Below are the 2024 IRMAA tiers and the additional monthly surcharges that are added to the standard Part B premium of $174.70:

Single, Head of Household, Qualifying Widow(er)

• MAGI ≤ $103,000: Standard Premium ($174.70)
• MAGI $103,001 – $129,000: +$69.90 (Total: $244.60)
• MAGI $129,001 – $161,000: +$174.70 (Total: $349.40)
• MAGI $161,001 – $193,000: +$279.50 (Total: $454.20)
• MAGI $193,001 – $500,000: +$384.30 (Total: $559.00)
• MAGI > $500,000: +$419.30 (Total: $594.00)

Married Filing Jointly

• MAGI ≤ $206,000: Standard Premium ($174.70)
• MAGI $206,001 – $258,000: +$69.90 (Total: $244.60)
• MAGI $258,001 – $322,000: +$174.70 (Total: $349.40)
• MAGI $322,001 – $386,000: +$279.50 (Total: $454.20)
• MAGI $386,001 – $750,000: +$384.30 (Total: $559.00)
• MAGI > $750,000: +$419.30 (Total: $594.00)

Married Filing Separately

• MAGI ≤ $103,000: Standard Premium ($174.70)
• MAGI $103,001 – $161,000: +$69.90 (Total: $244.60)
• MAGI $161,001 – $322,000: +$174.70 (Total: $349.40)
• MAGI $322,001 – $386,000: +$279.50 (Total: $454.20)
• MAGI $386,001 – $750,000: +$384.30 (Total: $559.00)
• MAGI > $750,000: +$419.30 (Total: $594.00)

How to Use the Calculator

1. Enter Your MAGI: Input your Modified Adjusted Gross Income (MAGI) from your tax return two years prior to the current year. For 2024 premiums, this would be your 2022 MAGI.
2. Select Your Filing Status: Choose the tax filing status that applies to you from the dropdown menu.
3. Click "Calculate Premium": The calculator will then display your estimated standard premium, any applicable IRMAA, and your total monthly Medicare Part B premium.

Important Considerations

This calculator provides an estimate based on the 2024 Medicare Part B premium and IRMAA thresholds. Actual premiums may vary based on individual circumstances, changes in Medicare policy, or specific notifications from the Social Security Administration. Always refer to official communications from the SSA for your definitive premium amount.