I know that Medicare Part B premiums and deductibles are decreasing, and my premiums are based on my income. Can you give me an idea of how much money I will save with the latest Medicare Part B adjustments?
Thanks a bunch! Enjoying the information in your blog and your book!
You are correct! This is the first time the Medicare Part B monthly premium and the deductible went down in over a decade. What a lovely early holiday present this turned out to be for so many people enrolled in Medicare!
Since Medicare premiums are based on your income, the 2023 IRMAA tables have also been adjusted also based on your income. IRMAA, stands for the Income Related Medicare Adjustment Amount.
While I can’t cover everyone’s income in one blog, I can give you some basic Medicare Part B 2023 adjustment examples that you can use to estimate how much you’ll pay for your Medicare Part B premiums and deductibles next year. I’ll cover the Medicare Part B 2023 total premiums for high-income beneficiaries coverage in this blog.
Medicare Part B Income-Related Monthly Adjustment Amounts
If you’re a beneficiary who has filed an individual tax return with a modified adjusted gross income that’s equal to or less than $97,000 or your joint modified adjusted gross income is $194,000 or less, you won’t receive an adjusted amount for 2023, and your premium will be $164.90.
Single filers with an AGI (adjusted gross income) more than $97,000 and up to $123,000 or if you file jointly with an AGI greater than $194,000 and less than or equal to $246,000, the adjusted amount is $65.90 for a total premium of $230.80.
When you’re single and making more than $123,000 up to $153,000 or married filing jointly making more than $246,000 up to $306,000, you’ll save $164.80 for a premium of $329.70.
For single filers making more than $153,000 but not more than $183,000 and married couples filing together making more than $306,000 but not more than $366,000, you’ll save $236.70 for your monthly premium total to be $428.60.
Suppose you’re single, making more than $183,000 per year and less than a half million per year, for your filing jointly with more than $366,000 of income per year and less than $750,000 of income per year. In that case, your savings will be $362.60 for a total monthly premium of $527.50.
This upcoming year is a big one for Part B Medicare! I know you’ll be looking forward to your Medicare savings next year. In addition, the upcoming year may be the only year you’ll have a reduced premium, so enjoy it while it lasts!
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Author Bio Matt Feret is the author of the Prepare for Social Security -The Insider’s Guide and the Prepare for Medicare – The Insider’s Guide book series and launched PrepareforSocialSecurity.com to help people get objective answers to questions about Social Security and Medicare. Matt is also the host of The Matt Feret Show. He has held leadership roles at numerous Fortune 500 Medicare health insurers in sales, marketing, operations, product development, and strategy for over two decades.