The standard Part B premium amount in 2017 will be $134 (or higher depending on your income). However, most people who get Social Security benefits will pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). Social Security will tell you the exact amount you will pay for Part B in 2017. You'll pay the standard premium amount if:
Social Security will use the income reported two years ago on your IRS income tax return to determine your premium (if unavailable, SSA will use income from three years ago). For example, the income reported on your 2015 tax return will be used to determine your monthly Part B premium in 2017. If your income has decreased since 2015, you can ask that the income from a more recent tax year be used to determine your premium, but you must meet certain criteria.
The chart below shows the Part B monthly premium amounts based on income. These amounts change each year. There may be a late-enrollment penalty.
The IRMAA, additional amounts, and total Part B premiums for high income beneficiaries for 2017 are shown in the following table:
|Beneficiaries who file an individual tax return with income:||Beneficiaries who file a joint tax return with income:||Total monthly premium amount|
|Less than or equal to $85,000||Less than or equal to $170,000||$134.00|
|Greater than $85,000 and less than or equal to $107,000||Greater than $170,000 and less than or equal to $214,000||$187.50|
|Greater than $107,000 and less than or equal to $160,000||Greater than $214,000 and less than or equal to $320,000||$267.90|
|Greater than $160,000 and less than or equal to $214,000||Greater than $320,000 and less than or equal to $428,000||$348.30|
|Greater than $214,000||Greater than $428,000||$428.60|
Premiums for beneficiaries who are married and lived with their spouse at any time during the taxable year, but file a separate return, are as follows:
|Beneficiaries who are married and lived with their spouse at any time during the year, but file a separate tax return from their spouse:||Income-related monthly adjustment amount||Total monthly premium amount|
|Less than or equal to $85,000||$0.00||$134.00|
|Greater than $85,000 and less than or equal to $129,000||$214.30||$348.30|
|Greater than $129,000||$294.60||$428.60|
If you are having trouble paying your premiums, you should call your State Medical Assistance (Medicaid) office to see if you qualify for some help. Some states refer to the Medicaid office as the Public Aid office, the Public Assistance office, or the State Medical Assistance office.
The Internal Revenue Service supplies your tax filing status, your adjusted gross income, and your tax-exempt interest income to the Social Security Administration to determine if you have an income related monthly adjustment amount (IRMAA). The Social Security Administration will add your adjusted gross income together with your tax-exempt interest income to get an amount called the modified adjusted gross income (MAGI).
The income-related monthly adjustment amount is effective from January 1 through December 31 each calendar year. The Social Security Administration will refigure your Medicare Part B premium amount again next year when the Internal Revenue Service updates the information.