Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare Part A is typically $0 as long as you met your 40 quarters (or 10 years) of working life and paying FICA taxes (Medicare taxes). If you have not met that requirement, the monthly premium is up to $426 per month.
For 2014, the premium for Medicare Part B is $104.90. This can change each year and is based on your modified adjusted gross income on your tax return from 2 years prior. You may also face a high-income premium penalty on your Part B coverage. The $104.90 premium is for those with incomes of $85,000 or less, if filing an individual tax return, and $170,000, if filing a joint tax return.
If your income was between $85,000 and $107,000 (for individual tax returns), $170,000 and $214,000 for those married filing joint tax returns, your premium would be $146.90.
If your income was between $107,000 and $160,000 (for individual tax returns), $214,000 and $320,000 for those married filing joint tax returns, your premium would be $209.80.
If your income was between $160,000 and $214,000 (for individual tax returns), $320,000 and $428,000 for those married filing joint tax returns, your premium would be $272.70.
If your income was above $214,000 (for individual tax returns), $428,000 for those married filing joint tax returns, your premium would be $335.70.
You can encounter other expenses as well such as the Part A and Part B deductibles and late enrollment penalties for not enrolling in Part B when you were first eligible for Medicare.
Original Medicare (Parts A & B) only cover about 80% of healthcare expenses. You're generally responsible for the other 20%. A Medicare supplement plan can greatly help establish a predictable expense structure - essential for individuals on a fixed income in retirement. It will limit the amount of cost you're susceptible to in the event of an illness or injury.
Medicare Part A is free if you have worked at least 10 years and paid Social Security taxes into the system. Most people pay a monthly premium for their Part B coverage. People on a limited income may be able to get their Part B premium paid by the Medicare Savings Program administered by their state Medicaid agency. The standard Part B premium for people who will be new to Medicare this year is $121.80. If you are single and your adjusted gross income for 2015 was more than $85,000 or married $170,000 you will pay a higher Part B and Part D premium.
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For 2014, the premium for Medicare Part B is $104.90. This can change each year and is based on your modified adjusted gross income on your tax return from 2 years prior. You may also face a high-income premium penalty on your Part B coverage. The $104.90 premium is for those with incomes of $85,000 or less, if filing an individual tax return, and $170,000, if filing a joint tax return.
If your income was between $85,000 and $107,000 (for individual tax returns), $170,000 and $214,000 for those married filing joint tax returns, your premium would be $146.90.
If your income was between $107,000 and $160,000 (for individual tax returns), $214,000 and $320,000 for those married filing joint tax returns, your premium would be $209.80.
If your income was between $160,000 and $214,000 (for individual tax returns), $320,000 and $428,000 for those married filing joint tax returns, your premium would be $272.70.
If your income was above $214,000 (for individual tax returns), $428,000 for those married filing joint tax returns, your premium would be $335.70.
You can encounter other expenses as well such as the Part A and Part B deductibles and late enrollment penalties for not enrolling in Part B when you were first eligible for Medicare.
Original Medicare (Parts A & B) only cover about 80% of healthcare expenses. You're generally responsible for the other 20%. A Medicare supplement plan can greatly help establish a predictable expense structure - essential for individuals on a fixed income in retirement. It will limit the amount of cost you're susceptible to in the event of an illness or injury.