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 premiumsPart BPart D
Individual returnJoint returnMarried filing separately  
$87,000 or less$174,000 or less$87,000 or less$144.60Your plan premium

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

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

Installment sale

A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.

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