Understanding Social Security and Medicare Flipbook_2023

Adjusted gross income single filers Adjusted gross income married joint filers Part B monthly premium Part D monthly premium $97,000 or less $194,000 or less $164.90 Your plan premium Above $97,000 up to $123,000 Above $194,000 up to $246,000 $230.80 $12.20 + your plan premium Above $123,000 up to $153,000 Above $246,000 up to $306,000 $329.70 $31.50 + your plan premium Above $153,000 up to $183,000 Above $306,000 up to $366,000 $428.60 $50.70 + your plan premium Above $183,000 but under $500,000 Above $366,000 but under $750,000 $527.50 $70.00 + your plan premium $500,000 and above $750,000 and above $560.50 $76.40 + your plan premium Medicare Part B and Part D Monthly Premiums (2023) (based on AGI for 2021 tax year) A 65-year-old couple who retired in 2022 may need about $318,000 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, 2023 People often underestimate the potential cost of health care in retirement — even with Medicare.

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