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Tag: higherincome

Here’s how much higher-income Medicare beneficiaries will pay for coverage in 2021

Finance
shapecharge | E+ | Getty ImagesMedicare beneficiaries who pay extra for coverage due to higher income should be aware that those monthly surcharges are creeping up for 2021.With the standard premium for Part B (which covers outpatient care) now set at $ 148.50 next year, those so-called income-related monthly adjustment amounts, or IRMAAs, will result in about 8%, or 5 million, of Medicare's 62.8 million beneficiaries paying anywhere from $ 207.90 to $ 504.90 for that coverage. (See chart below.)In 2021, the adjustments will kick in for individuals with modified adjusted gross income above $ 88,000; for married couples who file a joint tax return, that amount is $ 176,000.Zoom In IconArrows pointing outwardsFor Part D prescription drug coverage, the additional amounts range from $ 12...