Medicare Options

A happy couple who has selected new prescription drug coverage and added a Medicare supplement to fill insurance gaps. Medicare Options insurance will cover prescription drug expenses, fill insurance gaps, and provide a variety of coverage options. Medicare Options
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Part B & D Premium Increases

The standard Part B premium is $121.80 (2016). Starting in 2007, there is be a premium surcharge for higher income individuals. This is called the Income Related Monthly Adjustment Amount (IRMAA). There is an increase in your Part B premium and if you have drug coverage, there is one for Part D too.

The surcharge for 2016 will be based upon a person's 2014 Adjust Gross Income (AGI). To this figure, you add any tax-exempt interest, EE bond interest used for educational purposes and any excluded foreign earned income. This gives you a Modified Adjusted Gross Income (MAGI) . The premium surcharge increases as the amount of your MAGI increases. The following tables summarize the surcharge amounts for 2016.

2016 Part B & D Surcharge Chart

Married Surcharge Chart:

2014 Modified Adjusted Gross Income Monthly Premium Surcharge
More than... But Less than...  
$170,000 $214,000 $170.50
$214,000 $320,000 $243.60
$320,000 $428,000 $316.70
$428,000   $389.80

Single Surcharge Chart:

2014 Modified Adjusted Gross Income Monthly Premium Surcharge
More than... But Less than...  
$85,000 $107,000 $170.50
$107,000 $160,000 $243.60
$160,000 $214,000 $316.70
$214,000   $389.80

Part B Premiums

The income levels will be adjusted each year for inflation. You will have an opportunity to dispute the surcharge and use income from a later year if your circumstances change due to a major event such as death of your spouse, divorce, retirement or a significant cutback in hours worked.

If you can drop down a level, then take your income or tax information to your local social security office and meet with them. They may change your Part B premium accordingly. Do this as soon as you are aware of the change in income. As your income changes, your Part B Premium is adjusted automatically by social security. Just be aware of the two year look-back on income.

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