This time of year – Open Enrollment started October 15th and runs thru December 7th – seniors are focusing on the cost of their Medicare Part B coverage and Part D prescriptions drug plans.
Medicare Part B covers ~ 80% of most physician charges and has a standard monthly premium of $135.50 for 2019. Depending on income (Modified Adjusted Gross Income, or MAGI) and filing status, your Part B monthly premium could be increased in amounts ranging from $54.10 up to a maximum adjustment of $325.
These extra premiums are called the Income Related Monthly Adjustment Amount (IRMAA).
Part D prescription drug plans may also be increased based on income; the amounts range from $12.40 to $77.40.
Click here for income tables and more detail from Medicare’s website.
Here’s just one example.
Ed is single, 68 and reported 2017 income of just over $85,000. His Part B premium for 2019 will be $189.60. His Medicare Supplement policy costs $224/month. His Part D prescription premium is $26.40 plus an IRMAA of $12.40.
All in monthly total: $452.40.
