Medicare Part B - How Does it Work?

Medicare Part B

How much does Part B coverage cost? 

The standard Part B premium amount in 2023 is $164.90. Most people pay the standard Part B premium amount every month. 

If your modified adjusted gross income is above a certain amount (in 2023: $97,000 if you file individually or $194,000 if you’re married and file jointly), you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium. To determine if you’ll pay the IRMAA, Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. 

Visit Medicare.gov to learn more about IRMAA.  Visit Medicare.gov later this fall for 2024 amounts

Note: You may also pay an extra amount for your Medicare drug coverage (Part D) premium if your modified adjusted gross income is above a certain amount. Go to page 82 of your Medicare & You Guide 

Part B covers things like:

Clinical research

Ambulance services

Durable medical equipment (DME)

Mental health

Inpatient

Outpatient

Partial hospitalization

Getting a second opinion before surgery

Limited outpatient prescription drugs

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