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Medicare Part B

Medicare Part B Eligibility:

  • Medicare Part B is a government program overseen by the Centers for Medicare and Medicaid Services, covering doctor services, outpatient care, medical supplies, and preventive services.
  • Eligibility for Medicare Part B includes:
    • U.S. citizens or permanent, legal U.S. residents.
    • Individuals who are 65 years old or turning 65.
    • Certain exceptions apply for individuals under 65 with specific disabilities or health conditions who can also receive Part B.

Enrollment in Medicare Part B:

  • Most individuals are automatically enrolled in Medicare Part B during their Initial Enrollment Period (IEP). They receive their Medicare card approximately three months before turning 65.
  • If someone chooses to delay Part B enrollment due to special circumstances (like remaining on an employer plan), they can enroll during a Special Enrollment Period (SEP) by contacting Social Security and completing the required forms.
  • For those who didn’t sign up for Part B or Part A when first eligible and don’t have a SEP, they can enroll during the General Enrollment Period (GEP), which occurs annually from January 1st to March 31st.

Medicare Part B Costs:

  • Medicare Part B recipients are required to pay a monthly premium.
  • In 2024, the standard Part B premium is $174.70 per month.
  • The Part B premium amount is determined by your annual income, as reported on your individual or joint tax return
  • Those with a modified adjusted gross income above a certain threshold from a 2 year prior IRS tax return will also pay an additional charge referred to as an IRMAA (Income Related Monthly Adjustment Amount).

2024 Part B Cost Breakdown

Type of Cost 2023 2024 % Growth
Standard Part B Premium $164.90 $174.70 5.94%
Part B Deductible $226 $240 6.19%
Immunosuppressive Drug Premium $97.10 $103 6.08%


Medicare Part B Costs and Deductible:

  • Individuals are required to pay a deductible before Medicare begins covering their share of services under Medicare Part B.
  • After meeting the deductible, recipients typically pay 20% of what Medicare considers a “reasonable charge,” while Medicare covers the remaining 80%.
  • In 2024, the deductible amount is $240.

Medicare Part B IRMAA Charge: 

Naturally, the costs associated with Medicare Part B can vary among recipients. This is due to the Income-Related Monthly Adjustment Amount (IRMAA), which has the potential to alter your monthly Part B premium. Fortunately, the majority of Medicare beneficiaries won’t be affected by this adjustment. It typically begins for individuals earning over $103,000 annually, a figure that surpasses double the median income for Americans aged 65 and older in 2023.

2024 Part B IRMAA Breakdown

File Individual Tax Return File Joint Tax Return Monthly Adjustment 2024 Part B Monthly Premium
$103,000 or Less $206,000 or Less $0.00 $174.40
$103,001 to $129,000 $206,001 to $258,000 $69.90 $244.60
$129,001 to $161,000 $258,001 to $322,000 $174.70 $349.40
$161,001 to $193,000 $322,001 to $386,000 $279.50 $454.20
$193,001 to $499,999 $386,001 to $749,999 $384.30 $559.00
$500,000 or More  $750,000 or More $419.30 $594.00


Supplemental Plans and Medicare Advantage Plans are available to help cover the costs associated with Medicare Part B, including deductibles and the 20% co-insurance. If you have questions about Medicare Part B or are interested in learning more about your plan options, please reach out to our team of Medicare advisors at withAvid.com.