Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the
costs that will apply in 2021 if you’re enrolled in Original Medicare Part A and Part B.

Medicare Part B premiums 

According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $148.50 in 2021. 

People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2019) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table.

Related

You filed an individual
income tax return with
MAGI that was:
You filed a joint income
tax return with MAGI
that was:
You filed an income tax
return as married filing
separately with MAGI
that was:
Monthly premium in
2021 including any
IRMAA is:
$88,000 or less $176,000 or less $88,000 or less $148.50
Above $88,000 up to
$111,000
Above $176,000 up to
$222,000
N/A $207.90
Above $111,000 up to
$138,000
Above $222,000 up to
$276,000
N/A $297.00
Above $138,000 up to
$165,000
Above $276,000 up to
$330,000
N/A $386.10
Above $165,000 and less
than $500,000
Above $330,000 and less
than $750,000
Above $88,000 and less
than $412,000
$475.20
$500,000 and above $750,000 and above $412,000 and above $504.90

Other Medicare costs

The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2021:
• Part A deductible for inpatient hospitalization: $1,484 per benefit period
• Part A premium for those who need to buy coverage: up to $471 per month (most people don’t pay a
premium for Medicare Part A)
• Part A coinsurance: $371 per day for days 61 through 90, and $742 per “lifetime reserve day” after day
90 (up to a 60-day lifetime maximum)
• Part A skilled nursing facility coinsurance: $185.50 for days 21 through 100 (for each benefit period)
• Part B annual deductible: $203

Disclosures*

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Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

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Investment Advisory and Financial Planning Services offered through SWMG, LLC, a Registered Investment Advisor.
IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice
or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material
concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may
be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These
materials are provided for general information and educational purposes based upon publicly available information from sources believed to be
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