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 (opens in new tab) for more information.
| How Much You'll Pay for Medicare Part B in 2016 | ||
|---|---|---|
| Single Filer Income | Joint Filer Income | 2016 Monthly Premium |
| Up to $85,000 | Up 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 $214,000 | More than $428,000 | $389.80 |
* If protected by the hold-harmless provision
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