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.
Need More Information? We Can Help
Contact Innovative Senior Benefits for all the help and resources you need to find the best Medicare plan for you.
Comments