2014 Medicare Part B premiums remain the same as 2013.
For those enrolling in Medicare in 2014, you will pay the standard Medicare Part B premium of $104.90 per month unless your modified adjusted gross income is greater than:
- $85,000 for single filers
- $170,000 for joint filers
2014 Medicare Part B Premiums for High Incomes
For those with incomes that exceed the limits above (it is estimated this affects about 5 percent of Medicare recepients) refer to the table below to determine what your 2014 Medicare Part B premium will be:$146.90 monthly Medicare Part B premium applies to:
- Singles with income between $85,001 and $107,000
- Joint filers with income between $170,001 and $214,000
- Singles with income between $107,001 and $160,000
- Joint filers with income between $214,001 and $320,000
- Singles with income between $160,001 and $214,000
- Joint filers with income between $320,000 and $428,000
- Singles with income greater than $214,000
- Joint filers with income greater than $428,000
How Does Medicare Define Your Income When Determining Your Medicare Part B Premium?
The income used in determining your Medicare Part B premium is taken from income reported two years prior on your IRS income tax return. If you sold a home or business, or had a large bonus, it may have boosted your income in a prior tax year, and it can then result in increased Medicare Part B premiums a few years later.
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 your income for the purpose of seeing what your premiums will be.
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).This number is used to determine your Medicare Part B premium.
If you are subject to a higher Medicare Part B premium, you can appeal the decision if your income has gone down for certain reasons of if you filed an amended return.
-Additional information on Medicare Part B premiums can be found on the Part B costs section of the Medicare website.