Medicare Part B is the medical insurance part of the Medicare program. If combined with Medicare Part A, you will have what is known as Original Medicare, and also receive hospital insurance.
To enroll in Part B, you can do so during your Initial Enrollment Period. This period starts three months before your 65th birthday month, then ends three months after your 65th birthday. This is the best time to enroll, but if you miss this period, you can enroll during the General Enrollment Period (January 1 – March 31).
Keep in mind that enrolling during the General Enrollment Period may mean paying late enrollment penalties.
There are specific costs you must be aware of with Part B, which are outlined below:
While Part B does have a standard monthly premium, this premium can be higher if you earn a higher income. This is known as the Income-Related Monthly Adjustment Amount (IRMAA).
How does this work? Your plan will decide what your Part B monthly premium will be based on what you filed on your tax return from two years prior. The higher the income, the higher your premiums may be.
The Part B IRMAA you can expect to see in 2022 is outlined below:
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