- For most people the standard monthly premium for Part B was $134.00 in 2018. That has increased to $135.50 for 2019.
- The standard monthly premium for Part B is $135.50 for individuals who:
- enroll in Part B for the first time in 2019;
- don’t get Social Security benefits; or
- are directly billed for Part B premiums (e.g. do not have it taken out of their Social Security check).
- Individuals with income over $85,000, or filing jointly with incomes over $170,000, pay more through something called IRMAA (Income Related Monthly Adjustment Amout), which has 2 components, the Part B IRMAA and the Part D IRMAA. The look back is 2 years, to determine if you are subect to it, and is based off the MAGI. You can see that info here
What if you WAIT to enroll in Part B?
- Individuals who do not enroll in Part B when first eligible can enroll during a General Enrollment Period each year from January 1 – March 31.
- Part B coverage begins on July 1 of the year they enroll.
- The Part B premium is increased 10% for each full 12-month period the beneficiary could have had Part B but, did not enroll. (Late Enrollment Penalty)
- Exception: Individuals who have group health plan coverage based on their own current employment or the employment of a spouse are not subject to the premium increase and may enroll in Part B anytime while covered under the group health plan or during a special enrollment period that occurs during the 8-month period immediately following the last month of the group coverage.
NOTE To those considerring COBRA: Even though COBRA can sometimes be offered for an 18 month period, you still only have 8 months from LOSING ACTIVE employer coverage (not COBRA) to apply for Medicare Part B without the Late Enrollment Penalty.
And if you want to know a little about Medicare part A & B: (granted the video is from 2012, but it really simplifies what A and B does)