Advertisement
Medicare

How Much Will Your Medicare Part B Premiums Cost in 2016?

Some people already signed up for Part B could see a hike in premiums.

How much will I have to pay each month for Medicare Part B in 2016? Will there be a huge jump in premiums, as originally predicted?

Your income is usually based on your last tax return on file, which would be your 2014 return, for 2016 premiums. But you may be able to get the high-income surcharge reduced or eliminated if your income has decreased since then because of certain life-changing events, such as the death of a spouse, divorce, retirement or reduced work hours. In that case, you can ask Social Security to use your more recent income instead. Contact the Social Security Administration, estimate your 2015 income, and provide evidence of the change, such as a marriage or death certificate, a signed statement of retirement from your employer, or pay stubs showing your reduced income. See Medicare Premiums: Rules for Higher-Income Beneficiaries for more information.

How Much You'll Pay for Medicare Part B in 2016
Single Filer IncomeJoint Filer Income2016 Monthly Premium
Up to $85,000Up to $170,000$121.80 or $104.90*
$85,001 - $107,000$170,001 - $214,000$170.50
$107,001 - $160,000$214,001 - $320,000$243.60
$160,001 - $214,000$320,001 - $428,000$316.70
More than $214,000More than $428,000$389.80

* If protected by the hold-harmless provision

Advertisement

Most Popular

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)
tax deadline

12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Between due dates for paying estimated taxes, IRA or HSA contributions, and other deadlines, there's more to do by July 15 than just filing your feder…
July 14, 2020
65 Best Dividend Stocks You Can Count On
stocks

65 Best Dividend Stocks You Can Count On

These 65 Dividend Aristocrats are an elite group of dividend stocks that have reliably increased their annual payouts every year for at least a quarte…
July 8, 2020
Tax Day 2020: When's the Last Day to File Taxes?
tax deadline

Tax Day 2020: When's the Last Day to File Taxes?

Thanks to the coronavirus pandemic, the 2020 tax deadline was pushed back to give taxpayers (and tax preparers) more time to file returns.
July 14, 2020

Recommended

HSAs Get Even Better
Financial Planning

HSAs Get Even Better

Workers have more options with flexible spending accounts, too.
July 2, 2020
Pass Along Life Lessons With an Ethical Will
retirement

Pass Along Life Lessons With an Ethical Will

Create a legacy letter to communicate values, experiences and life lessons to your family.
June 9, 2020
Finding Affordable Health Care Now
insurance

Finding Affordable Health Care Now

The pandemic has caused millions of people to lose their jobs — and their health coverage. Here’s a guide to finding affordable insurance.
June 4, 2020
IRS Allows Mid-Year Changes to Health Plans, Expands FSAs and More
taxes

IRS Allows Mid-Year Changes to Health Plans, Expands FSAs and More

You probably never heard of COVID-19 when you picked this year's health insurance policy at work.
May 27, 2020