Understanding Social Security and Medicare flipbook 2024

Modifed adjusted gross income single filers Modifed adjusted gross income married joint filers Part B monthly premium Part D monthly premium $103,000 or less $206,000 or less $174.70 Your plan premium $103,001 – $129,000 $206,001 – $258,000 $244.60 $12.90 + your plan premium $129,001 – $161,000 $258,001 – $322,000 $349.40 $33.30 + your plan premium $161,001 – $193,000 $322,001 – $386,000 $454.20 $53.80 + your plan premium $193,001 – $499,000 $386,001 – $749,999 $559.00 $74.20 + your plan premium $500,000 and above $750,000 and above $594.00 $81.00 + your plan premium Medicare Part B and Part D Monthly Premiums (2024) (based on MAGI for 2022 tax year) A 65-year-old couple who retired in 2023 may need about $351,000 to cover their retirement health-care expenses. This estimate is based on the savings needed to cover premiums for Medicare Part B and Part D, Part B and Part D deductibles, premiums for Medigap Plan G, and median out-of-pocket prescription drug expenses in retirement. It does not factor in costs to cover long-term care and other health expenses not covered by Medicare. Source: Employee Benefit Research Institute, 2024 People often underestimate the potential cost of health care in retirement — even with Medicare.

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