DEFINITION of 'Medicare Part B Premiums'

A monthly fee that Medicare participants pay for medical insurance to cover services not covered in Medicare Part A. By contrast, Medicare Part A, or hospital insurance, does not require most people to pay a premium.

BREAKING DOWN 'Medicare Part B Premiums'

Medicare Part B premiums are based on the beneficiary's income. For example, in 2010, the premium was the same for all beneficiaries, up to single taxpayers who had income greater than $85,000 and married taxpayers who had income greater than $170,000. At this income level, the premium payments increased from $110.50 to $154.70 per month. There are three additional income tiers at which premiums increase further. The highest-income tier in 2010 paid a Medicare Part B premium of $353.60 per month for individuals earning above $214,000.

RELATED TERMS
  1. Medicare Advantage

    Hospital and medical insurance provided by private companies ...
  2. Medicare Hold Harmless Provision

    A legal statement prohibiting an increase to Medicare B premiums ...
  3. Medicare Wages

    An employee's earnings that are subject to a U.S. payroll tax ...
  4. Medicare Supplementary Medical ...

    Health insurance sold by private insurance companies meant to ...
  5. Guaranteed Issue Rights

    A right afforded to individuals insured under Medicare that requires ...
  6. Medigap

    Also called Medicare Supplement Insurance, Medigap is health ...
Related Articles
  1. Managing Wealth

    Have Medicare? Which Employer Health Plan to Get

    Over 65 and still working? You're eligible to register for Medicare, but should you also opt for employer health insurance, if offered – and which plan?
  2. Financial Advisor

    Breaking Down Medicare Open Enrollment for Clients

    For financial advisors, open enrollment is an important opportunity to be of service to clients, especially when it comes to reviewing Medicare options.
  3. Managing Wealth

    It's Open Enrollment: Move to Medicare Advantage?

    Oct. 15 - Dec. 7 is the time (after joining) to switch from Medicare's flexibility to the often broader coverage or lower cost of Medicare Advantage.
  4. Managing Wealth

    Planning for Healthcare

    Planning how to pay for healthcare during retirement is a must—and the earlier you do it, the better. Medicare often fall short, so here are your options.
  5. Retirement

    What Are the Different Parts of Medicare?

    At age 65, most people have to sign up for Medicare. Learn which of its four programs are mandatory – and which you can skip.
  6. Retirement

    4 Medicare Open Enrollment Mistakes to Avoid

    Successfully navigating the Medicare Open Enrollment period means understanding what the rules are in order to avoid potentially expensive missteps.
  7. Managing Wealth

    The High Net Worth Guide to Medicare

    In the years ahead, wealthy seniors will pick up an even bigger part of the Medicare tab. However, there are ways to minimize the bill.
  8. Financial Advisor

    How Much Medicaid and Medicare Cost Americans

    Medicaid & Medicare cost Americans plenty out of their paychecks. But how much, really? And what does that money buy?
  9. Managing Wealth

    4 Myths You Don’t Know About Medicare

    Here are four common misconceptions about Medicare, the federal government’s health insurance program for people who are 65 and older or disabled.
RELATED FAQS
  1. Can I get dental insurance with Medicare?

    Learn about Medicare and how it does not offer dental insurance and only covers specific dental procedures under certain ... Read Answer >>
  2. What effect has the sustainable growth rate had on Medicare disbursements?

    Read about the impact of the Medicare sustainable growth rate mechanism on rising Medicare costs and physician reimbursements ... Read Answer >>
Hot Definitions
  1. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  2. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  3. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  4. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  5. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  6. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
Trading Center