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December 9, 2020 10:41 pm
Medicare Premiums in 2021
The basic Part B premium amount for 2021 is $148.50 per month, only a little more than the $144.60 per month premium in 2020. The Part D premium for drug coverage in 2021 has declined on average by 34.2% from 2017 choices. However, the basic Parts B and D premiums for 2021 are increased by a surcharge for high-income taxpayers who had modified adjusted gross income (MAGI) above a set amount in 2019. (https://www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles; https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/monthly-premium-for-drug-plans).
| MAGI in 2019 determines 2021 premiums | Part B | Part D | ||
| Individual return | Joint return | Married filing separately | ||
| $88,000 or less | $176,000 or less | $88,000 or less | $148.50 | Your plan premium |
| Over $88,000 but not over $111,000 | Over $176,000 but not over $222,000 | N/A | $207.90 | $12.30 + your plan premium |
| Over $111,000 but not over $138,000 | Over $222,000 but not over $276,000 | N/A | $297.00 | $31.80 + your plan premium |
| Over $138,000 but not over $165,000 | Over $276,000 but not over $330,000 | N/A | $386.10 | $51.20 + your plan premium |
| Over $165,000 but less than $500,000 | Over $330,000 but less than $750,000 | Over $88,000 but less than $412,000 | $475.20 | $70.70 + your plan premium |
| $500,000 and over | $750,000 and over | $412,000 and over | $504.90 | $77.10 + your plan premium |
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Private letter ruling
A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.
