ROUTING NUMBER: 307070050
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ROUTING NUMBER: 307070050
By Kirtland Financial Services
Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2021 if you’re enrolled in Original Medicare Part A and Part B.
According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $148.50 in 2021.
People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2019) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table.
|You filed an individual income tax return with MAGI that was:||You filed a joint income tax return with MAGI that was:||You filed an income tax return as married filing separately with MAGI that was:||Monthly premium in 2021 including any IRMAA is:|
|$88,000 or less||$176,000 or less||$88,000 or less||$148.50|
|Above $88,000 up to $111,000||Above $176,000 up to $222,000||N/A||$207.90|
|Above $111,000 up to $138,000||Above $222,000 up to $276,000||N/A||$297.00|
|Above $138,000 up to $165,000||Above $276,000 up to $330,000||N/A||$386.10|
|Above $165,000 and less than $500,000||Above $330,000 and less than $750,000||Above $88,000 and less than $412,000||$475.20|
|$500,000 and above||$750,000 and above||$412,000 and above||$504.90|
The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2021:
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
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