Enrollment Information for People New to Medicare

I am about to turn 65 and go on Medicare, and my income is $125,000. I know that people with higher incomes are required to pay higher premiums for Medicare Part B and Part D. How will these higher premiums affect me?

Medicare beneficiaries with incomes above $103,000 for individuals and $206,00 for married couples are required to pay higher premiums. The amount you pay depends on your modified adjusted gross income from your most recent federal tax return. To determine your 2024 income-related premium, Social Security will use information from your tax return filed in 2022 for tax year 2021. If your income has gone down since you filed your tax return, you should contact Social Security and provide documentation regarding this change. At your current income level, in 2024, you would pay just around $3,506 in annual Medicare premiums combined for Part B ($2,935) and Part D (around $571 on average).

While we have made every effort to provide accurate information in these FAQs, people should contact the health insurance Marketplace or Medicaid agency in their state for guidance on their specific circumstances.

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