Medicare Deductible
Original Medicare consists of two different insurance; Part A, the hospital insurance, and Part B, medical insurance. Before you get any coverage through Medicare Part A and B, you must meet the deductible. Every year, the deductible portion of Part A and B increases.
As of now, Part A deductible for each benefit period is $1,408 while Part B deductible is only $198. It was increased in 2023 from $1,364 and $185 respectively. Assuming Part A and B deductible is going to increase at a similar level, the Part B deductible should be around $200 while Part A can be as high as $1,450.
Part A and B Monthly Premium 2024
Most Medicare beneficiaries don’t pay for Part A premiums. It is also known as the premium-free part of Medicare. If you paid Medicare taxes for at least 40 quarters (10 years), you are not going to pay for Medicare premiums but must meet the deductible for each benefit period.
On the other hand, Medicare Part b monthly premiums can be higher than the standard premium amount. At the time of this writing, the standard premium amount is $144,60. Since 2007, the Part B monthly premium is based on the beneficiary’s income. But this only affects about 5 percent of Medicare beneficiaries.
Generally, if your modified adjusted gross income is more than $85,000 if filing single or $170,000 if filing jointly, you will pay more than the standard Medicare Part B monthly premium. From the table below, you can see how much you’re going to pay for Part B depending on your income.
| Single | Married Filing Jointly | Monthly Adjustment | Total Part B Premium |
| $85,000 – $107 | $170,000 – $214,000 | $54 | $198 |
| $107,000 – $133,500 | $214,000 – $267,000 | $135 | $279 |
| $133,500 – $160,000 | $267,000 – $320,000 | $216 | $360 |
| $160,000 – $500,000 | $320,000 – $750,000 | $297 | $441 |
| $500,000 and higher | $750,000 and higher | $325 | $469 |
Those who earn less than $85,000 or $170,000 if filing jointly is going to pay the standard monthly premium for Part B, $144.60. Also, there is the case for beneficiaries who are married and lived with their spouse during the tax year but filing a separate tax return. If that is the case for you, the income adjustment monthly is going to be $297 if income is between $85,000 and $415,000. If it is higher than $415,000, the income adjustment is going to be $325. With that said, the monthly premium for Part B adjusted with income will be $441 or $469.
What is the Part B deductible in 2021?
Centers for Medicare and Medicare Services haven’t announced it yet but it will be above the $198 deductible for 2020. We will keep you updated as soon as the CMS announces the amounts for 2021.