Estimate your monthly premiums based on income and tax filing status
Individual / Single
Married Filing Jointly
Married Filing Separately
Used to determine income brackets.
Modified Adjusted Gross Income.
Average is ~$30-$50. Enter 0 if none.
Your private supplemental insurance cost.
Standard Part B Base Premium:$0.00
Part B IRMAA Adjustment:$0.00
Total Part B Cost:$0.00
Part D IRMAA Adjustment:$0.00
Your Private Part D Premium:$0.00
Your Supplemental/Advantage Premium:$0.00
Total Estimated Monthly Cost:$0.00
*Figures based on standard 2024 Medicare brackets.
Understanding Your Medicare Costs and IRMAA
Medicare costs are not a flat rate for everyone. While most beneficiaries pay the standard Part B premium, higher-income earners are subject to an additional charge known as IRMAA (Income-Related Monthly Adjustment Amount). This calculator helps you estimate your total monthly healthcare expenditure by factoring in your tax filing status, your Modified Adjusted Gross Income (MAGI), and your private insurance selections.
What is IRMAA?
IRMAA is a surcharge added to your Medicare Part B (medical insurance) and Part D (prescription drug) premiums if your income exceeds certain thresholds. The Social Security Administration determines your IRMAA based on your income from two years prior. For example, your 2024 Medicare rates are based on your 2022 tax return.
Important Note: IRMAA is not a penalty; it is a sliding scale adjustment. If your income drops significantly due to a life-changing event (like retirement or divorce), you can appeal the IRMAA decision by filing form SSA-44.
Breakdown of Medicare Parts
To use the calculator effectively, it helps to understand the different cost components:
Part A (Hospital Insurance): Usually free for those who have worked 40 quarters (10 years) and paid Medicare taxes.
Part B (Medical Insurance): Covers doctor visits and outpatient care. Everyone pays a monthly premium. In 2024, the standard base rate is $174.70.
Part D (Drug Coverage): This is private insurance for prescriptions. While you pay the insurance company for the plan, you pay the government the IRMAA surcharge if you are a high earner.
Medigap / Medicare Advantage (Part C): These are optional private plans to cover gaps in Original Medicare. Their costs vary widely by provider and location.
How MAGI Affects Your Rates
Modified Adjusted Gross Income (MAGI) is the sum of your Adjusted Gross Income (AGI) plus tax-exempt interest. The brackets used to determine your surcharge differ depending on whether you file taxes individually or jointly.
Tier
Individual Income
Joint Income
Part B Surcharge
Part D Surcharge
1
$103,000 or less
$206,000 or less
$0.00
$0.00
2
$103,001 – $129,000
$206,001 – $258,000
+$69.90
+$12.90
3
$129,001 – $161,000
$258,001 – $322,000
+$174.70
+$33.30
4
$161,001 – $193,000
$322,001 – $386,000
+$279.50
+$53.80
5
$193,001 – $500,000
$386,001 – $750,000
+$384.30
+$74.20
6
$500,000+
$750,000+
+$419.30
+$81.00
Example Calculation
Let's look at a realistic example for a married couple filing jointly:
Filing Status: Married Filing Jointly
Combined MAGI (2 years ago): $270,000
Private Part D Plan: $40/month per person
Because their income is between $258,000 and $322,000, they fall into Tier 3.
The Calculation per Person:
Base Part B: $174.70
Part B Surcharge: +$174.70
Part D Premium: $40.00
Part D Surcharge: +$33.30
Total Monthly Cost: $422.70 per person
Without IRMAA, the cost would have been only $214.70. This highlights the importance of financial planning around Medicare brackets.