Your Medicare Toolbox

To Help You Get the Most Out of Medicare

2023 Part B Premiums:

Medicare Part B covers outpatient medical care, durable medical equipment, and limited outpatient prescription drugs. Once you have met the annual deductible of $226, you will pay 20% of covered services with no cap.

Most people will pay the standard Part B monthly premium, which is $164.90 in 2023. However, some people may have a higher premium because of their income- if this applies to you, Social Security will inform you of your increased premium amount.

In general, you will pay the higher premium if your modified adjusted gross income, as reported on your IRS tax return from 2 years ago, is more than:

  • $97,000 in 2023, if you file an individual tax return or are married and file separately. OR

  • $194,000 in 2023, if you are married and file a joint tax return.

Since Medicare Part B does not cover everything, most people will add on additional coverage to help offset their out-of-pocket expenses like a Medicare Advantage Plan (Part C) or a Medicare Supplement Plan (Medigap).

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