Medicare Part B Premium 2023 Chart Based On Income
Medicare is a federal health insurance program that provides coverage for people who are 65 or older, as well as certain younger individuals with disabilities or end-stage renal disease. Medicare Part B is a component of the program that covers outpatient services, including doctor’s visits, medical equipment, and preventive services. To receive Part B benefits, you must pay a monthly premium, which is based on your income level. In this article, we’ll discuss the Medicare Part B premium 2023 chart based on income.
What is the Medicare Part B premium?
The Medicare Part B premium is the amount that beneficiaries pay each month to receive coverage. The premium is based on a sliding scale, which means that higher-income beneficiaries pay more than those with lower incomes. In 2022, the standard monthly premium for Part B is $148.50. However, this amount can vary depending on your income level.
How is the Medicare Part B premium calculated?
The Medicare Part B premium is calculated based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus any tax-exempt interest income you may have. The Social Security Administration calculates your MAGI based on the information you provide on your federal income tax return from two years ago. For example, your 2023 Part B premium will be based on your 2021 tax return.
What is the Medicare Part B premium 2023 chart based on income?
The Medicare Part B premium 2023 chart based on income has not yet been released by the Centers for Medicare & Medicaid Services (CMS). However, we can look at the 2022 chart to get an idea of what the premiums may be for 2023.
What are the income brackets for the Medicare Part B premium?
The income brackets for the Medicare Part B premium are as follows:
- Individuals with an income of $91,000 or less, or married couples with an income of $182,000 or less, will pay the standard monthly premium of $148.50.
- Individuals with an income between $91,000 and $114,000, or married couples with an income between $182,000 and $228,000, will pay a monthly premium of $207.90.
- Individuals with an income between $114,000 and $138,000, or married couples with an income between $228,000 and $276,000, will pay a monthly premium of $297.00.
- Individuals with an income between $138,000 and $165,000, or married couples with an income between $276,000 and $330,000, will pay a monthly premium of $386.10.
- Individuals with an income above $165,000, or married couples with an income above $330,000, will pay a monthly premium of $475.20.
What if my income changes?
If your income changes, you may be able to appeal your Part B premium. You can contact Social Security at 1-800-772-1213 to request a review of your premium based on your current income. If your appeal is successful, your premium will be adjusted accordingly.
What if I can’t afford the Medicare Part B premium?
If you can’t afford the Medicare Part B premium, you may be eligible for assistance through the Medicare Savings Programs (MSPs). The MSPs help pay for premiums, deductibles, and coinsurance for people with limited income and resources. To see if you qualify for assistance, contact your state Medicaid program.
Conclusion
The Medicare Part B premium 2023 chart based on income has not yet been released, but we can use the 2022 chart as a guide. Remember, the amount you pay for your Part B premium is based on your income level, so it’s important to keep your income information up-to-date with Social Security. If you’re having trouble paying your premium, there may be assistance available to you through the Medicare Savings Programs.