Medicare Part B Premiums in 2022

A basic understanding of Medicare helps you get the most out of your health care coverage. The first thing you need to understand is that there are two different parts to Original Medicare: Part A and Part B. Medicare Part B covers medical services and supplies considered medically necessary to treat your health condition. This includes outpatient services, preventive care, ambulance services, and durable medical equipment. Some preventive services are also included within Medicare Part B, including a one-time preventive visit, flu, cardiovascular screenings, hepatitis B shots, cancer and diabetes screenings, and other services. Medicare Part B is an automatic enrollment for some, and others will need to sign up.

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What are Medicare Part B Premiums? 

Medicare Part B premiums change from one year to the next, and the monthly premium varies based on your income and personal circumstances.  Your Part B premium will be deducted automatically from your benefit payment if you receive benefits from Social Security, Railroad Retirement Board, or Office of Personnel Management. If you don’t receive benefit payments, you’ll receive the bill. 

How Much Does Part B Cost in 2023? 

Medicare Part B uses your tax return from two years earlier to determine the monthly premium you will pay. Whether you choose a Medicare Advantage plan or go with Original Medicare, both will come with a premium for Part B. According to the Philadelphia Inquirer, “Both types of plans have a premium for Part B (doctor’s services), which was about $158 a month for most people in 2022, and a deductible, which was $217 in 2022.”  

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Part B Premiums in 2022

Since the cost-of-living adjustment is 5.9% in 2022, some Medicare beneficiaries may see an increase in their Part B premiums but still pay less than $170.10. The standard premium amount will also apply to new enrollees in the program. However, certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income.

The monthly Part B premiums that include income-related adjustments for 2022 ranged from $238.10 to $578.30, depending on the extent to which an individual beneficiary’s modified adjusted gross income exceeded $91,000 (or $182,000 for a married couple). The highest rate applied to beneficiaries whose incomes exceeded $500,000 (or $750,000 for a married couple). CMS estimates that about 7 percent of Medicare beneficiaries pay the income-adjusted premiums. 

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Beneficiaries in Medicare Part D prescription drug coverage plans pay premiums that vary from plan to plan. Part D beneficiaries whose modified adjusted gross income exceeded the same income thresholds that apply to Part B premiums also paid a monthly adjustment amount. In 2022, the adjustment amount ranged from $12.40 to $77.90.

The Railroad Retirement Board withholds Part B premiums, Part B income-related adjustments and Part D income-related adjustments from benefit payments it processes. The agency can also withhold Part C and D premiums from benefit payments if an individual submits a request to his or her Part C or D insurance plan. 

Part B Deductible & Coinsurance 

The deductible is the amount of money you will need to pay in out-of-pocket costs before the plan starts coverage. For example, in 2022, the yearly deductible for Medicare Part B was $198, and coinsurance of 20% for several covered services. How much you will pay for Part B-covered services depends if you visit a participating or non-participating provider.  

Participating providers (physicians or healthcare professionals) accept Medicare’s approved amount for a service, and you will be responsible for the Part B deductible along with 20% of the approved amount. Some providers, however, do not accept Medicare’s approved amount. These non-participating providers did not sign an agreement with Medicare and can charge up to 15% more than Medicare’s approved amount, meaning you’d be responsible for the 20% coinsurance plus 15%. 

There’s no yearly limit on what you pay out-of-pocket. There may be limits on expenses you pay through supplemental coverage you may have, like Medigap, Medicaid, or employer or union coverage.”

Ways to Pay Medicare Part B Premiums

Log in to your secure www.MyMedicare.gov account and pay online using a credit or debit card. 

Sign up for Medicare Easy Pay, a service that automatically deducts your premium payments from your savings or checking account each month. 

Mail your payment to Medicare by check, money order, credit card, or debit card. 

Fill in the Medicare payment coupon and post to: Medicare Premium Collection Center PO Box 790355 St. Louis, MO 63179-0355 

Need Extra Help Paying Medicare Part B Premiums? 

If you have limited income and assets, you may qualify for financial assistance to help pay Medicare Part B premiums. The Medicare Savings Program provides three different programs that can help you cover your Medicare Part B costs. To qualify, the requirements for the three programs are as follows: 

Qualified Medicare Beneficiary (QMB):

  • Individual monthly income limit $1,060 
  • Married couple monthly income limit $1,430 
  • Individual resource limit $7,730 
  • Married couple resource limit $11,600

Specified Low-Income Medicare Beneficiary (SLMB):

  • Individual monthly income limit* $1,308 
  • Married couple monthly income limit* $1,762 
  • Individual resource limit $7,970 
  • Married couple resource limit $11,960

Qualified Individual (QL):

  • Individual monthly income limit* $1,469 
  • Married couple monthly income limit* $1,980 
  • Individual resource limit $7,970 
  • Married couple resource limit $11,960

*Limits are slightly higher in Alaska and Hawaii. 

If you have income from working, you may qualify for benefits even if your income is higher than the limits listed. 

Are Medicare Part B Premiums Tax-Deductible? 

Many types of medical expenses are tax-deductible. For example, under the U.S. tax code, you can deduct Medicare expenses (including premiums) that exceed a certain percentage of your income. If you have any questions about the Medicare Part B premiums you can expect to pay and your eligibility for financial assistance, speak to one of our licensed agents today. Our agents will discuss your Medicare options and help find a plan that works for you.

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