Michael M Insurance Blog

Your Part B Premium

Apr 23, 2021 | 0 comments

When you sign up for Medicare your Part B will be coming with a premium. The amount will depend upon your income as discussed earlier. If you are collecting Social Security your Part B premium will be deducted monthly. If not, you will receive a bill and depending upon where your at in the quarter it could be for 3-4 months before settling in to a quarterly payment. For 2023 the Part B Premium is $164.50. It could be higher depending upon your income. This is know as a Income Related Monthly Adjustment Amount(IRMAA). Social Security looks back 2 years to determine this. If you are no longer have the income you had 2 years ago you can submit a form and get your Part B Premium lowered to the base amount of $164.50. Below is a chart to see where you will fall with your current income and the form to lower it

You have some options on how to pay this. 

Medicare Web Site
It is advisable to set up your own account here. You’ll be able to change the frequency to monthly, set up an auto account that it can be deducted from or even use a credit card. Some individuals send a check and then wait the 30 days to see if it has cleared and wonder if there Part B is still active.  It does take time to shut it off but depending upon how busy they are processing checks, it can be an agonizing wait.
Set up your account and you’ll be in charge.

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