November 25, 2019 10:26 pm

Medicare Premiums in 2020

The basic Part B premium amount for 2020 is $144.60 per month. The Part D premium for drug coverage in 2020 ranges from $13 to $83 per month (depending on the drug plan selected). However, high-income taxpayers with modified adjusted gross income above a set amount in 2018, pay an additional amount for Parts B and D premiums for 2020. (https://www.medicare.gov/your-medicare-costs/part-b-costs).

Note: In the table below, the column for “Married filing separately” applies if the spouses filed separately and lived together at any time in 2018.

MAGI in 2018 determines 2020 premiums Part B Part D
Individual return Joint return Married filing separately    
$87,000 or less $174,000 or less $87,000 or less $144.60 Your plan premium

Over $87,000 but not over $109,000

Over $174,000 but not over $218,000 N/A $202.40 $12.20 + your plan premium
Over $109,000 but not over $136,000 Over $218,000 but not over $272,000 N/A $289.20 $31.50 + your plan premium
Over $136,000 but not over $163,000 Over $272,000 but not over $326,000 N/A $376.00 $50.70 + your plan premium
Over $163,000 but less than $500,000 Over $326,000 but less than $750,000 Over $87,000 but less than $413,000 $462.70 $70.00 + your plan premium
$500,000 and over $750,000 and over $413,000 and over $491.60 $76.40 + your plan premium

 

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Tax Glossary

Self-employment tax

Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.

More terms