medicare premiums based on income 2024

 In 2024, Medicare premiums for Part B and Part D are influenced by your income, which is assessed based on your modified adjusted gross income (MAGI) from two years prior (in this case, 2022). The standard premium amounts and income-based adjustments are as follows:

Medicare Part B Premiums (2024)

• Standard Monthly Premium: $174.00

Income-Related Monthly Adjustment Amount (IRMAA):

If your income exceeds certain thresholds, you'll pay an additional amount on top of the standard premium. Here are the income brackets for 2024:

• Individuals with MAGI up to $103,000 or couples up to $206,000:

  • No additional IRMAA; pay the standard premium of $174.00.

• Individuals with MAGI between $103,001 and $129,000 or couples between $206,001 and $258,000:

  • Premium: $246.40

• Individuals with MAGI between $129,001 and $160,000 or couples between $258,001 and $320,000:

  • Premium: $356.40

• Individuals with MAGI between $160,001 and $500,000 or couples between $320,001 and $750,000:

  • Premium: $466.40

• Individuals with MAGI above $500,000 or couples above $750,000:

  • Premium: $560.40

Medicare Part D Premiums (2024)

Part D plans are offered by private insurers, and each plan has its own monthly premium. However, if your income exceeds certain thresholds, you will pay an additional Income-Related Monthly Adjustment Amount (IRMAA) on top of your plan's premium.

Income-Related Monthly Adjustment Amount (IRMAA):

The IRMAA for Part D in 2024 is as follows:

• Individuals with MAGI up to $103,000 or couples up to $206,000:

  • No additional IRMAA; pay the plan's premium.

• Individuals with MAGI between $103,001 and $129,000 or couples between $206,001 and $258,000:

  • Additional Premium: $12.20

• Individuals with MAGI between $129,001 and $160,000 or couples between $258,001 and $320,000:

  • Additional Premium: $31.80

• Individuals with MAGI between $160,001 and $500,000 or couples between $320,001 and $750,000:

  • Additional Premium: $51.40

• Individuals with MAGI above $500,000 or couples above $750,000:

  • Additional Premium: $73.80

Key Points to Remember

• Income Assessment: IRMAA adjustments are based on your MAGI from two years prior, so for 2024, it’s based on your 2022 income.
• Notification: If you are subject to IRMAA, you will receive a notice from Medicare that includes the amount you need to pay.
• Appeals: If you believe your income has decreased due to circumstances like retirement or other qualifying events, you can request a new determination by contacting Social Security.

These income-based adjustments ensure that individuals with higher incomes contribute more towards their Medicare costs. If you need further assistance or have specific questions about your situation, contacting Medicare or Social Security directly can provide personalized guidance.