How much does Medicare Part B cost?

Medicare Part B covers doctor visits, lab tests, preventive screenings and other outpatient health care services. Part B costs include a monthly premium, an annual deductible and coinsurance for most services.

In 2024, the standard Part B premium is $174.70 per month. Most people pay the standard premium amount. It’s either deducted from your Social Security check or you may pay Medicare directly, depending on your situation.

People with tax-reported incomes over $103,000 (single) and $206,000 (joint) must pay an income-related monthly adjustment amount (IRMAA). The table below shows Part B premiums for 2024 by filing status and income level. The IRMAA is based on your reported adjusted gross income from two years ago.

Part B premiums for high-income beneficiaries who are married, lived with their spouse at any time during the taxable year, but who are filing separate are shown in the table below.¹

The Part B deductible for 2024 is $240. This is the amount you are responsible for paying before Part B starts helping to pay your health care costs, but it doesn’t apply to most Medicare-covered preventive care services.

Coinsurance is a cost-sharing term that means insurance pays a percentage and you pay a percentage. With Medicare Part B, you pay 20 percent of the cost for the services you use. So if your doctor charges $100 for a visit, then you are responsible for paying $20 and Part B pays $80.

There is no limit on Part B coinsurance costs, which could add up if you have a lot of doctor visits or need other services.

With a Medicare Advantage plan, your costs will be different and may include copays for doctor visits or other services. However, your out-of-pocket costs are limited to the annual plan maximum. Once you’ve paid that amount, the plan pays 100 percent for Medicare-covered services through the end of the year.

If Medicare costs are a concern, you may want to take advantage of financial protection and other benefits offered by Medicare Advantage plans.