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Check up on Medicare Part B premiums

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in Small Business Tax,Small Business Tax Deduction Strategies

There’s some good news for Medicare participants.

Alert: Medicare Part B premiums didn’t increase for 2015. The basic monthly premium remains at $104.90 a month (the same as it’s been since 2013).  

However, certain individuals must pay higher monthly Medicare Part B premiums, based on their modified adjusted gross income (MAGI). Also, high-income senior citizens owe a surcharge on Part D premiums for coverage of prescription drugs.

The rates for single and joint filers in 2015 are shown in the chart below.

The Social Security Administration (SSA) uses the tax figures from two years ago to determine the Part B premiums. Thus, the MAGI reported on a taxpayer’s 2013 tax return determines whether the taxpayer must pay a higher monthly Part B premium in 2015. For example, a single filer with a MAGI of $150,000 in 2013 will have to pay a monthly Medicare Part B premium of $209.80 in 2015.  

Note that the 2010 health care law suspends indexing of the income brackets for Medicare Part B premiums until 2020.

Tip: Visit www.ssa.gov for details.

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