1. What is Medicare Premium Calculation?

The Medicare Premium Calculator estimates your total Medicare Part B premium for 2024, which consists of a base premium plus an Income-Related Monthly Adjustment Amount (IRMAA) based on your Modified Adjusted Gross Income (MAGI).

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Base — Standard Medicare Part B premium ($174.70 in 2024)
• IRMAA — Income-Related Monthly Adjustment Amount based on your MAGI and filing status

Explanation: Higher-income beneficiaries pay an additional amount based on income thresholds set by Medicare.

3. Understanding Medicare Premiums

Details: Medicare premiums are recalculated annually and are based on income from two years prior (2022 tax return for 2024 premiums). The IRMAA surcharge applies to beneficiaries above certain income thresholds.

4. Using the Calculator

Tips: Enter your estimated Modified Adjusted Gross Income (MAGI) and select your filing status. The calculator will determine if you owe an IRMAA surcharge and calculate your total premium.

5. Frequently Asked Questions (FAQ)

Q1: What counts as MAGI for Medicare premiums?
A: MAGI includes your adjusted gross income plus tax-exempt interest income. It's the amount shown on line 11 of your IRS Form 1040 plus any tax-exempt interest.

Q2: How often are premiums recalculated?
A: Premiums are recalculated annually based on your most recent available tax return (typically two years prior).

Q3: Can I appeal the IRMAA determination?
A: Yes, if you've had a life-changing event that reduced your income, you can file an appeal with Social Security.

Q4: Does this calculator include Part D IRMAA?
A: No, this calculator only estimates Part B premiums. Part D has separate IRMAA calculations.

Q5: When will 2024 premiums be finalized?
A: Medicare typically announces premiums for the coming year in the fall of the previous year.