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What are the income limits for Medicare Part B?

Medicare Part B is a health insurance program provided by the federal government for individuals aged 65 and older, as well as certain younger individuals with disabilities. It covers a wide range of medical services, including doctor visits, outpatient care, preventive services, and durable medical equipment.

When it comes to Medicare Part B, the income limits play a crucial role in determining the cost of coverage for beneficiaries. These income limits are based on the modified adjusted gross income (MAGI) of the individual or couple filing taxes jointly.

Income Limits for Individuals

For individuals, the income limits for Medicare Part B are as follows:

• If your MAGI is below $88,000 per year, you will pay the standard premium amount for Part B.
• If your MAGI is between $88,000 and $111,000 per year, you will pay a slightly higher premium amount.
• If your MAGI is between $111,000 and $138,000 per year, you will pay an even higher premium amount.
• If your MAGI is above $138,000 per year, you will pay the highest premium amount.

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Income Limits for Couples

For couples filing jointly, the income limits for Medicare Part B are as follows:

• If your MAGI is below $176,000 per year, you will pay the standard premium amount for Part B.
• If your MAGI is between $176,000 and $222,000 per year, you will pay a slightly higher premium amount.
• If your MAGI is between $222,000 and $276,000 per year, you will pay an even higher premium amount.
• If your MAGI is above $276,000 per year, you will pay the highest premium amount.

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It’s important to note that these income limits are subject to change each year, as they are adjusted based on inflation and other factors. Additionally, individuals with higher incomes may be subject to an Income-Related Monthly Adjustment Amount (IRMAA), which increases their Part B premium even further.

Understanding the income limits for Medicare Part B can help individuals and couples plan for their healthcare expenses and make informed decisions about their coverage options. It’s recommended to consult with a Medicare specialist or visit the official Medicare website for the most up-to-date information on income limits and premiums.

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