What are the income limits for Medicare?
Are you looking into Medicare but not sure where you stand based on your income? This guide will help you determine what your income says about your Medicare status.
First of all, there are no “limits” for enrolling in Medicare. If you are aged 65 years or older (and in some circumstances under 65 years old), you are eligible for Medicare, regardless of your income. For more details on Medicare eligibility, click here.
Rather than having income limits, the price of Medicare will vary based on your income. If you have a higher income, this will mainly affect your Part B coverage, which primarily covers outpatient care and some at-home health care. How much you pay for your premium for Part B coverage depends on the income that you report to the IRS. Based off this number, you will pay premiums that are equal to either 35, 50, 65, or 80 percent of the total cost.
Similarly, for Part D, which covers prescription drugs, you will have to cover your monthly premium and pay an additional amount based on your income you have reported to the IRS.
Some things to keep in mind when looking into Medicare are that Part A typically has zero cost and the standard Part B premium is $134 with a deductible of $183 per year. Part C and Part D typically don’t have income limits, and the premiums vary by plan depending on what type of coverage you need. For more details, check out How much does Medicare cost?
Finding the best plan for you
Regardless of your income, you will be searching for the most cost effective Medicare plan with the best possible coverage, which depends on a number of factors. We make this process easy for you with our Find Your Plan Tool.
Have any questions?
Just get in touch with one of our Heroes that would be happy to help you! We are unbiased independent brokers contracted with all of the major health insurance companies. We are 100% free to you and the prices are the same as if you went directly to the health insurance companies, but with us as your Medicare concierge we can continue to guide you in your journey.