Watch out — Decisions you make on your 2021 tax return can affect your future Medicare health insurance premiums
Medicare health insurance premiums can add up to major bucks — especially if you’re upper-income, married, and both you and your spouse are paying. This column lists the 2022 Medicare health insurance premium amounts, explains why decisions made on your 2021 Form 1040 will determine your premiums for 2023, and more. Here goes.
Your 2023 premiums depend on your 2021 MAGI, as reported on your 2021 Form 1040, which you may not have filed yet. That means that things you do or don’t do on that return can impact your 2023 premiums. This is especially true if you’re self-employed or an owner of a pass-through business entity . * The $170.10 base premium with no surcharge if your 2020 MAGI was no more than $91,000 and you filed as a single for that year or no more than $182,000 if you filed a joint return.
* $544.30 if your 2020 MAGI was between $170,001 and $500,000 and you filed as a single or between $340,001 and $750,000 if you filed a joint return. Premiums for Medicare Advantage coverage You can get your Medicare Part B benefits through the government, for the monthly premium costs listed above, or you can get your benefits through a so-called Medicare Advantage plan offered by a private insurance company that contracts with Medicare to provide benefits under rules established by Medicare. Medicare Advantage plans are also sometimes called Medicare Part C.
* Zero if your 2020 MAGI was no more than $91,000 and you filed as a single for that year or no more than $182,000 if you filed a joint return. * $71.30 if your 2020 MAGI was between $170,001 and $500,000 and you filed as a single or between $340,001 and $750,000 if you filed a joint return. Impact of decisions made on your 2021 Form 1040 Decisions made on your 2021 Form 1040 can affect your 2021 MAGI and, in turn, your 2023 Medicare health insurance premiums. If you’re self-employed or an owner of a pass-through business entity, you have more ways to micromanage your MAGI. For instance:
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