Medicare Part B covers medical insurance and medically necessary outpatient care. Part B provides coverage for services like ER stays, ambulance rides, preventive screenings, doctor visits, durable medical equipment, etc.
Like other Medicare parts, Medicare Part B does not cover all healthcare expenses. There are some out-of-pocket costs you will be required to pay for. To stay enrolled in Part B, you must pay your monthly premiums. There are other out-of-pocket expenses such as copayments, coinsurance, and excess charges. Below are the costs for Medicare Part B.
Part B IRMAA Costs in 2022
If you are enrolled in Medicare Part B, you will pay a monthly premium. The premium amount may increase depending on your income. For people with a higher income, there is the income-related monthly adjustment amount (IRMAA). This means if you earn more, you will pay more for Medicare Part B.
The standard premium for Part B in 2022 is $170.10 for individuals who earn less than $91,000, individuals who filed jointly with an annual income of $182,000 or less, and couples who file separately with an income of $91,000 or less. The IRMAA is the dollar amount added to the standard premium.
For those filing individually, the monthly rate will be $238.10 if they earned more than $91,000 or less than or equal to $114,000. People who earned more than $114,000, less than or equal to $142,000 will pay $340.20 for Part B. Individuals who earned more than $142,000 or less than or equal to $170,000 will pay $442.30 as the IRMAA. Those who earned more than $170,000 but less than $500,000 will pay $54430 as the monthly rate for Medicare Part B. Lastly, people who earned over $500,000 annually will pay $578.30.
If you filed jointly the monthly rate for Part B will be:
$238.10 if you earned more than $182,000 or less than or equal to $228,000.
$340.20 for people who earned more than $228,000 or less than or equal to $284,000.
$442.30 if you earned more than $284,000 or less than or equal to $340,000
$544.30 if earned more than $340,000 but less than $750,000.
$578.30 for people who earned $750,000 or more.
The annual deductible will be $233 for all Part B enrollees. The deductible is the amount of costs enrollees are expected to cover before their coverage becomes active.
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