In 2024, the standard Medicare Part B monthly premium is $174.70 for individuals with a 2022 modified adjusted gross income (MAGI) of $103,000 or less, or married couples filing jointly with $206,000 or less. Higher earners pay increased premiums (IRMAA) ranging from $244.60 to $594.00 per month.
The monthly Part B premium that includes an income-related adjustment for 2024 will range from $244.60 to $594.00, depending on the extent to which an individual beneficiary's modified adjusted gross income exceeds $103,000 (or $206,000 for a married couple).
You can reduce your Medicare Part B premium by applying for Medicare Savings Programs (MSPs) if you have low income, filing Form SSA-44 (Request for Reconsideration) for income drops after a life event (like retirement), or enrolling in a Medicare Advantage plan with a Part B "giveback" benefit. For those with higher incomes, using a Health Savings Account (HSA) or Qualified Charitable Distributions (QCDs) from an IRA can help lower the income used for premium calculations, say financial experts and CNBC.
Here are some of the biggest Medicare mistakes to avoid:
If you file your taxes as "married, filing jointly" and your MAGI is greater than $218,000, you'll pay higher premiums for your Part B and Medicare prescription drug coverage. If you file your taxes using a different status, and your MAGI is greater than $109,000, you'll pay higher premiums.
Yes, your monthly Medicare Part B premiums are tax-deductible. However, you can only benefit from the medical expense deduction by following specific rules. You'll need to file your taxes in a certain way, itemizing your deductions instead of choosing the standard deduction.
To calculate MAGI for Medicare (Modified Adjusted Gross Income), start with your Adjusted Gross Income (AGI) from your tax return and add back tax-exempt interest income, plus any untaxed foreign income or non-taxable Social Security benefits, to determine potential higher premiums (IRMAA) for Medicare Parts B & D. The key is taking your AGI (Line 11 on Form 1040) and adding back specific deductions like tax-exempt bond interest to find your Medicare MAGI, which uses data from typically two years prior (e.g., 2024 income for 2026 premiums).
Medicare premiums are calculated using your Modified Adjusted Gross Income (MAGI) from your tax return for two years prior to the current year. For example, if you're paying premiums in 2025, these will be based on your MAGI in 2023.
The standard monthly premium for Medicare Part B in 2026 is $202.90, an increase from the 2025 premium, though some people pay less due to the "hold harmless" rule, while higher-income earners pay more through an Income-Related Monthly Adjustment Amount (IRMAA). This premium covers medical insurance, with the exact amount depending on your income and when you enroll.
For 2025 Medicare premiums, the income used is your Modified Adjusted Gross Income (MAGI) from your 2023 tax return, two years prior, with higher incomes leading to increased Income-Related Monthly Adjustment Amounts (IRMAA) for Parts B and D. MAGI includes your AGI plus tax-exempt interest and other non-taxable income, determining if you pay higher costs based on specific income brackets set by Medicare.
You can find out how much this is by multiplying your gross wages by 1.45%. If you are self-employed, multiply your annual net earnings by 2.9% to calculate how much Medicare tax to pay. If you earn more than a certain amount — currently $200,000 — you typically have to pay an additional 0.9% to Medicare tax.
Part B is a voluntary program that requires the payment of a monthly premium for all parts of coverage. Eligibility rules for Part B depend on whether a person is eligible for premium-free Part A or whether the individual has to pay a premium for Part A coverage.
If you can't afford Medicare Part B, you should immediately contact your State Medical Assistance (Medicaid) office to apply for a Medicare Savings Program (MSP), which can pay your Part B premiums and other costs if you have low income/resources, or explore options like Supplemental Security Income (SSI), or even look into Medicaid itself for comprehensive help, as delaying Part B can lead to lifetime penalties.
For 2026, the standard Medicare Part B premium deducted from most Social Security checks is $202.90 per month, with higher premiums for higher incomes and a separate annual deductible of $283; some beneficiaries pay less due to the hold harmless rule. Your exact amount depends on your income from two years prior, and you'll also pay 20% coinsurance for most services after meeting the deductible.
Vermont, Utah and Minnesota topped the Commonwealth Fund's Medicare performance scorecard in 2025, whereas Kentucky, Mississippi and Louisiana struggled the most.