The Part B premium can be greater than $174.70 for higher income beneficiaries based on their modified adjusted gross income. Social Security will use the income reported on your IRS income tax return two years ago to determine your premium. The list below shows the Part B premium amounts for 2024.
Filing Single:
$174.70 for income $103,000 or less.
$244.60 for income between $103,000 and $129,000.
$349.40 for income between $126,000 and $161,000.
$454.20 for income between $161,000 and $193,000.
$559.00 for income between $193,000 and $500,000.
$594.00 for income greater than $500,000.
Filing Married Jointly:
$174.70 for income $206,000 or less.
$244.60 for income between $206,000 and $258,000.
$349.40 for income between $258,000 and $322,000.
$454.20 for income between $322,000 and $386,000.
$559.00 for income between $386,000 and $750,000.
$594.00 for income greater than $750,000.
Filing Married Separately:
$174.70 for income $103,000 or less.
$559.00 for income between $103,000 and $397,000.
$594.00 for income greater than $397,000.
WHAT IF MY INCOME GOES DOWN?
If your income goes down for any of the following reasons contact Social Security so they can re-figure your payments.
-You married, divorced, or became widowed.
-You or your spouse stopped working or reduced your work hours.
-You or your spouse lost income-producing property due to a disaster or other event beyond your control.
-You or your spouse experienced a scheduled cessation, termination, or reoganization of an employer's pension plan.
-You or your spouse received a settlement from an employer or former employer because of the employer's closure, bankruptcy, or reorganization.