The Part B premium has a standard rate. If you don't have to pay a Part A premium, you generally don't have to pay a Part A late enrollment penalty. If you earned any income that resulted from dividends, interest, capital gains, royalty income or rental income, you may be subject to the net investment income tax. There is no minimum income limit, and all individuals who work in the United States must pay the Medicare tax on their earnings. If your net earnings are greater than $200,000 or $250,000 for married couples who file a joint return, you must pay an additional 0.9 percent in Medicare taxes. The Medicare tax is a tax that you pay based on the wages you earn. FICA Social Security Tax of 6.2 percent is withheld up to a limit of $137,000. The tax is collected from all employees regardless of their age. You also have to sign up for Part B to buy Part A. Does everyone qualify for Medicare? In-Kind Income is food, shelter, or both that you get for free or for less than its fair market value. Is liability and personal liability the same thing? So long as you have creditable coverage elsewhere, you can disenroll from Medicare Part B without incurring late penalties. Any information we provide is limited to those plans we do offer in your area. We do not offer every plan available in your area. This amount is added to your Medicare Premium Bill and may be why your first Medicare bill was higher than you expected. Workers pay 1.45 percent of all earnings to the Federal Insurance Contributions Act (FICA). MedicareInsurance.com is a non-government asset for people on Medicare, providing resources in easy to understand format. Here are the current thresholds as of 2016. This communications purpose is insurance solicitation. Can I insure a car that has been written off? Some of your personal assets are not considered when determining whether you qualify for Medi-Cal coverage. Does Everyone Pay the Same for Medicare Part B? The standard Medicare tax is 1.45 percent, or 2.9 percent if you're self-employed. However, if your modified adjusted gross income that was reported on your tax return from two years . As of 2016, if you are self-employed, you must pay a 2.9 percent Medicare tax on all of your net earnings. The center is part of the Department of Health and Human Services. In 2020, the standard premium is $144.60/month for those making no more than $87,000 per year ($174,000 per year for married couples filing jointly). How long is the grace period for health insurance policies with monthly due premiums? The Medicare tax rate has gradually increased over the years since debuting at 0.7% (0.35% for both employer and employee) in 1966. In 2019, the tax rate for employees was 1.45% for Medicare and 6.2% for Social Security. The standard monthly premium for Medicare Part B enrollees will be $148.50 for 2021, an increase of $3.90 from $144.60 in 2020. Now, the tax is divided into Medicare and Social Security tax which is why you will probably see these two items on your paystub rather than just FICA. When are Medicare taxes paid? Medicare HIV Treatment and Medicare AIDS Treatment Coverage: What Benefits Are There for HIV/AIDS Patients? Your employer also pays a matching Medicare tax based on your paycheck. What is a good monthly retirement income? For 2020, the threshold for having to pay higher premiums based on income increased. Enter your zip aboveand find private, affordable Medicare C coverage for free! However once you are at full retirement age (between 65 and 67 years old, depending on your year of birth) your Social Security payments can no longer be withheld if, when combined with your other forms of income, they exceed the maximum threshold. Deduct your Medicare Premiums from your Taxes. If you are what Social Security considers a higher-income beneficiary, you pay more for Medicare Part B, the health-insurance portion of Medicare. FICA is a payroll tax deduction from the paychecks of employees and a contribution by employers. Medicare parts A and B are different. Surcharges for high earners are based on adjusted gross income from two years earlier. How Do Medicare Benefits and Medicaid Work Together. (Most people do not have to pay a premium for Part A, which mainly covers inpatient hospital care. In 2020, the standard premium is $144.60/month for those making no more than $87,000 per year ($174,000 per year for married couples filing jointly). Enter your zip belowto compare free Medicare quotes! One of the ways that Medicare can be different for some is with the cost of the Medicare Part B premium. Although Medicare offers very good coverage for most enrollees, there are various reasons why you may want to cancel your coverage. : Medicare Insurance Not every person qualifies for Medicare due to the same reason. The truth: Bernie will NOT raise taxes to "pay for" M4A, because federal tax do not fund federal spending, a basic fact of macroeconomics that both Bernie and his top advisers understand very well. The Federal Insurance Contributions Act, known as FICA, is a law that was passed in 1935 by then President Franklin Delano Roosevelt. You may have good reasons to want to delay signing up, though. To calculate the Medicare tax, multiply your earnings by 0.0145. Most people don't pay a Part A premium because they paid Medicare taxes while working. Employers typically have to withhold an extra 0.9% on money you earn over $200,000. Does Medicare cost the same for everyone? The funds collected through Medicare Taxes that fund this account pay for Part A hospital insurance benefits, home health care, skilled nursing facilities and hospice care. Instantly compare Medicare plans from popular carriers in your area. What are my coverage options? Who is exempt from Social Security and Medicare tax? Keep in mind that withdrawals from your 401(k), traditional IRAs or 403(b) savings plan may be subject to additional Medicare surtaxes. The current Social Security tax is 12.4% with employees and employers each paying 6.2%. Do not qualify through the work history of a current, former, or deceased spouse. The Centers for Medicare and Medicaid Services is the government agency that runs the health insurance programs. For 2020, the threshold for having to pay higher premiums based on income increased. Self-Employment and Medicare Taxes As of 2016, if you are self-employed, you must pay a 2.9 percent Medicare tax on all of your net earnings. Does everyone pay the same for Medicare Part B? If you are retired and still working part-time, the Medicare payroll tax will still be deducted from your gross pay. What states have the Medigap birthday rule? That amount is split evenly between employers and employees, with each side paying 1.45% respectively. In fact, if you are signed up for both Social Security and Medicare Part B the portion of Medicare that provides standard health insurance the Social Security Administration will automatically deduct the premium from your monthly benefit. But very few people will have no Medicare coverage at all ever. Defer income to avoid a premium surcharge. Can I take out gap insurance after 12 months? Will life insurance companies contact beneficiaries? Some may confuse Medicare taxes with Social Security taxes. Not sure which Medicare plan works for you? Medicare will usually check your bank accounts, as well as your other assets, when you apply for financial assistance with Medicare costs. Today, taxpayers and employers pay a combined 2.9 percent toward FICA. Everyone who earns income pays some of that income back into Medicare. On the other hand, self-employed workers have to cover the entire 15.3% FICA tax themselves. Most people will pay the standard premium amount. In 2021, based on the average social security benefit of $1,514, a beneficiary paid around 9.8 percent of their income for the Part B premium. Everyone pays for Part B of Original Medicare. Yes, indeed. Most people age 65 or older are eligible for free Medical hospital insurance (Part A) if they have worked and paid Medicare taxes long enough. Does everyone have to pay Medicare? (Most enrollees don't pay for Medicare Part A, which covers hospitalization.) Some beneficiaries with higher incomes will pay a higher monthly Part B premium. However, the interest earned on the two trust fund accounts comes from the money deposited via Medicare taxes. You must deposit the taxes you withhold. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Unlike with Social Security taxes, there is no limit on the income subject to Medicare taxes. So if your biweekly pay is $2,000, your Medicare tax will be $29 (2,000 x 0.0145 = 29). According to CMS.gov, The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs. You can get Part A at age 65 without having to pay premiums if: You are receiving retirement benefits from Social Security or the Railroad Retirement Board. We recommend consulting with your medical provider regarding diagnosis or treatment, including choices about changes to medication, treatments, diets, daily routines, or exercise. Unlike Social Security taxes, there is no limit on how much of your income is subject to Medicare taxes. Thus, your premium can change if you receive a change in income. You and your spouse pay separate premiums for Medicare benefits under Medicare Part B, and Medicare Part D if you sign up for it. In this review, we outline how much the Medicare tax rate is in 2021, how its calculated and whether you might be exempt from paying it. What are some benefits of a PPO plan compared to an HMO plan? If you are currently working and receiving Social Security benefits, you will still have the Medicare payroll tax taken from your paycheck. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021. In 2020, the standard premium is $144.60/month for those making no more than $87,000 per year ($174,000 per year for married couples filing jointly). You can also enroll in Medicare even if you're covered by an employer medical plan. Unlike the Social Security tax which currently stops being a deduction after a person earns $137,000, there is no income limit for the Medicare payroll tax. Sometimes referred to as the "hospital insurance tax," this pays for health insurance for people who are 65 or older, younger people with disabilities and people with certain conditions. State Tax varies from one location to another and is based on the rate applied in your state. With an income of $409,000 or more, you'll need to pay $578.30. For 2020, the threshold for having to pay higher premiums based on income increased. That amount is split evenly between employers and employees, with each side paying 1.45% respectively. Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. . The Internal Revenue Service determines the percentage of your income that will be taxed for Medicare. The current tax rate for Medicare, which is subject to change, is 1.45 percent of your gross taxable income. Does insurance coverage end the day you quit? Most medically necessary inpatient care is covered by Medicare Part A. (Beneficiaries with higher incomes pay more for Medicare Parts B and D). If one or both of you choose to enroll in a Medicare Advantage plan, you will continue to pay separately the Medicare Part B premium and possibly a separate plan premium. Seasonal Depression and Medicare: What Medicare Benefits Are Available to Those With Seasonal Depression? Taxpayers who earn above $200,000, or $250,000 for married couples, will pay an additional 0.9 percent toward Medicare. What Is the Medicare Tax? The Federal Insurance Contributions Act, or FICA, tax rate for earned income is 7.65% in 2018/2019, which consists of the Social Security tax (6.2%) and the Medicare tax (1.45%). How much of your salary goes to insurance? The taxes that employees and employers pay under FICA are mandatory, and the IRS revises the tax rates annually. Medicare.Org Is Privately Owned And Operated By Health Network Group, LLC. FICA taxes are used specifically to fund Medicare and social security benefits. If you don't buy Part A when you're first eligible for Medicare (usually when you turn 65), you might pay a penalty. Do not have 40 quarters in Social Security/Medicare-covered employment. Score: 4.6/5 ( 63 votes ) Everyone pays for Part B of Original Medicare. So if you make $150,000 per year and are married and filing separately, you will pay the standard 1.45% on the first $125,000 of your income and 2.35% (1.45% plus 0.9%) on the remaining $25,000. Only these percentages can be withheld. Flat dollar amounts are not accepted. In fact, higher earners pay an Additional Medicare Tax of 0.9% on all earned income above $125,000 (married and filing separately), $200,000 (single, head of household or qualifying widow or widower with dependent child) or $250,000 (married and filing jointly). This year's standard premium, which jumped to $170.10 from $148.50 in 2021, was partly based on the potential cost of covering Aduhelm, a drug to treat Alzheimer's disease. If your 2020 income was $91,000 to $408,999, your premium will be $544.30. Your employer makes a matching contribution to the Medicare program. However, eligibility requirements and verification methods vary depending on what state you live in. Here are a few things you need to know that will help you understand why you pay Medicare taxes. Other non-resident aliens who are temporarily in the United States on non-immigrant status. The government Medicare site is www.medicare.gov. Beneficiaries with higher incomes will pay higher Part B premiums. How much can a 70 year old earn without paying taxes? It's true that most people paid Medicare taxes during their working careers, but there are still some costs involved in Medicare for most people. You can get Medicare if you're still working and meet the Medicare eligibility requirements. A small percentage of Medicare beneficiaries pay less than the standard premium because the annual increase to their Social Security benefits is not large enough to cover the full Part B premium increase. Do seniors have to file federal taxes? The Medicare tax helps pay for the Medicare Hospital Insurance fund, while the Social Security tax funds Old Age, Survivors and Disability Insurance, more commonly called Social Security benefits. A Non-Government Resource For Healthcare All Rights Reserved 2022. Only employees pay the additional 0.9%. Medicare Part B covers doctor visits, and other outpatient services, such as lab tests and diagnostic screenings. Please contactMedicare.govor 1-800-MEDICARE (TTY users should call1-877-486-2048) 24 hours a day/7 days a week to get information on all of your options. Why? What is the current tax rate for Medicare? The standard Part B premium is $148.50, but you may pay more based on your income. For 2020, the threshold for having to pay higher premiums based on income increased. The social security wage base limit is $137,700 for 2020 and $142,800 for 2021. The Medicare tax rate has gradually increased over the years since debuting at 0.7% (0.35% for both employer and employee) in 1966. Helps lower your share of costs for Part A and Part B services in Original Medicare. If you have an employer, your employer automatically withholds the Medicare tax from your paycheck. The Medicare tax is an automatic payroll deduction that your employer collects from every paycheck you receive. Get help from a Medicare Savings Program. The current Social Security tax rate is 12.4% with employers and employees each paying 6.2%. The first trust fund account is known as theHospital Insurance Trust Fund. Enroll in an MA plan that provides a giveback benefit. Medicare Part B Premium and Deductible The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. 1 Self-employed individuals are responsible for both portions of Medicare tax but only on 92.35%. View complete answer on en.as.com. Medicare Taxes and the Affordable Care Act What part of Medicare covers long term care for whatever period the beneficiary might need? Sign the form and return it to your local Social Security office by mail or in person. Use Form Medicare Income-Related Monthly Adjustment Amount Life-Changing Event to report a major life-changing event. If your MAGI for 2020 was less than or equal to the higher-income threshold $91,000 for an individual taxpayer, $182,000 for a married couple filing jointly you pay the standard Medicare Part B rate for 2022, which is $170.10 a month. You may call 1-800-MEDICARE (1-800-633-4227) with any additional questions about Medicare. Natural Disasters and Medicare: What Benefits are there for Medicare and Disaster Relief? Do you have to have health insurance in 2022? Healthcare is expensive! In 2022, the premium is either $274 or $499 each month, depending on how long you or your spouse worked and paid Medicare taxes. What is the minimum insurance coverage you must carry? FICA was a tax addition to the Social Security Act that was enacted during the 1930s to help the United States recover from the Great Depression. Medicare.Org Is A Non-Government Resource That Provides Information Regarding Medicare, Medicare Advantage, And More. Some exceptions to the Medicare tax rate do exist and include: Anyone over the age of 65 who has no earned income does not pay Medicare taxes. However, any withdrawals from a qualified Roth IRA or a Roth 401(k) does not count toward any earned income or net adjusted income. Medicare premiums are based on your modified adjusted gross income, or MAGI. For Government Resources Regarding Medicare, Please Visit www.medicare.gov. The self-employed are responsible for paying both the employee share as well as that of the employer. The money to fund this account comes from premiums that people pay for Parts B and D coverage. You may get a reduction or exemption from paying the Medicare levy, depending on your and your spouse's circumstances. Pay your premiums directly from your Social Security benefits. Most people will pay the standard rate. Medicare Part A covers inpatient hospital, skilled nursing facility, and some home health care services. Does everyone on Medicare have to pay this tax? Medicare Supplement insurance plans are not linked with or sanctioned by the U.S. government or the federal Medicare program. Those Medicare taxes that you paid all those years certainly helped fund the Medicare program, but it's not enough. Everyone pays for Part B of Original Medicare. When Medicare was enacted as a federal law in 1965, the funds to support the program became a payroll tax on earned income. There are two ways that you may see the Medicare payroll deduction applied to your paycheck. If your income qualifies, you may also be eligible for multiple Medicare Savings programs or a combination of Medicare and Medicaid to reduce your Medicare costs. Grow Part-time Income to Pay Your Medicare Premiums. Trying to determine what qualifies as net investment income and how it affects Medicare taxes is quite tricky, so you should always consult first with a qualified tax advisor. Can't find the answer you're looking for? The basic deductions applied to your gross taxable income are: But if you're a high earner, you'll pay more. Score: 4.9/5 ( 48 votes ) A: Most Medicare-eligible people do not have to pay premiums for Medicare Part A. You may often wonder why you must paytaxes for Medicare. If your paycheck is directly deposited into your checking account you will be given a pay statement with all the itemized deductions. What Does It Mean To Pay Medicare Tax The Medicare tax is a payroll tax that applies to all earned income and supports your health coverage when you become eligible for Medicare. This coverage is called Part D. There are 2 ways to get Medicare prescription drug coverage: 1. Yes. To do that, you'll use IRS Form 4029, Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits. Background Medicare is a federal health insurance program for people age 65 or older and for younger people with long-term disabilities or end-stage renal disease. The Code grants an exemption from Social Security and Medicare taxes to nonimmigrant scholars, teachers, researchers, and trainees (including medical interns), physicians, au pairs, summer camp workers, and other non-students temporarily present in the United States in J-1, Q-1 or Q-2 status. How much will I pay for Medicare when I turn 65? Also known asSMI, this fund pays for Part B medical coverage, which covers doctors visits and medical supplies and Part D prescription drug coverage. Standard Federal Income Tax is based on your gross earnings and number of exemptions. (Opens in a new browser tab). The benefit of placing funds into this program during your working career is the healthcare coverage you will receive at the time you become eligible for Medicare benefits. The Social Security rate is 6.2 percent, up to an income limit of $137,000 and the Medicare rate is 1.45 percent, regardless of the amount of income earned. Medicare Advantage with Part B Premium Reduction. Most people receive Medicare Part A automatically when they turn age 65 and pay no monthly premiums. The Best Medicare Supplement Plans in 2023, Guide to Comparing Medicare Advantage Plans, Top 10 Best Medicare Supplement Insurance Companies. How much tax do I pay for Medicare? If you're late signing up for Original Medicare (Medicare Parts A and B) and/or Medicare Part D, you may owe late enrollment penalties. Copyright 2022Medicare Insurance, DBA of Health Insurance Associates LLC All rights reserved. Do I need to contact Medicare when I move? Unearned Income is all income that is not earned such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, dividends and cash from friends and relatives. A non-government site powered by Health Insurance Associates, LLC., a health insurance agency. The payroll taxes required for the Federal Insurance Compensation Act (FICA) are to support both your Social Security and Medicare benefits programs. At age 65, or if you have certain disabilities, you become eligible for health coverage through various parts of the Medicare program. Is it mandatory to have health insurance in Texas? There's no yearly limit on what you pay out-of-pocket, unless you have supplemental coverage, like a Medicare Supplement Insurance (Medigap) policy, or you join a Medicare Advantage Plan . The Medicare levy helps fund some of the costs of Australia's public health system known as Medicare. If you are self-employed, you are required to pay both the employee and employer tax for Medicare. Medicare taxes are withheld from your paycheck if you have an employer, and they are paid as part of your self-employment taxes if you are self-employed. How Can Medicare Advantage Plans Save You Money on Healthcare Costs? Next year, that figure will increase to 10.6 percent. Can someone be denied homeowners insurance? If you dont qualify for premium-free Part A, that premium can be $259 or $471/month. If your income has gone down, you may also use Form SSA-44 to request a reduction in your income-related monthly adjustment amount. Speak with a Licensed Medicare Sales Agent 877-388-0596 - TTY 711. In 2021, the standard monthly premium will be $148.50, up from $144.60 in 2020. If you or your spouse haven't worked at least 40 quarters, you'll pay a monthly premium for Part A. The law requires you to pay Medicare taxes on all your earnings for as long as you continue to work regardless of whether you're already receiving Medicare benefits. You can enroll in Medicare medical insurance (Part B) by paying a monthly premium. Depending on what type of health care costs Where can you find the best Medicare Part D prescription drug plans of 2023? Did not work in employment covered by Social Security/Medicare. Unlike the Social Security tax which currently stops being a deduction after a person earns $137,000, there is no income limit for the Medicare payroll tax. If your net earnings are greater than $200,000 or $250,000 for married couples who file a joint return, you must pay an additional 0.9 percent in Medicare taxes. Can insurance companies use your credit report? Your employer pays a matching FICA tax. See requirements for depositing. You must keep paying your Part B premium to keep your supplement insurance. For California residents, CA-Do Not Sell My Personal Info, Click here. Some Medigap policies include extra benefits to lower your costs, like coverage when you travel out of the country. If Social Security is your sole source of income, then you don't need to file a tax return, says Turbo Tax. When you add the withdrawals to any other investment income, it could push you over the thresholds for Medicare surtaxes. Costs What you pay for Medicare will vary based on what coverage and services you get, and what providers you visit. Learn more about the 2.9% Medicare tax rate and what it means for you. The Additional Medicare Tax does not apply to employers. Does everyone pay the same amount for Medicare? The annual deductible for all Medicare Part B beneficiaries is $203 in 2021, an increase of $5 from the annual deductible of $198 in 2020. In 2020, the standard premium is $144.60/month for those making no more than $87,000 per year ($174,000 per year for married couples filing jointly). If you have Medicare Part B but you are not receiving Social Security or Railroad Retirement Board benefits yet, you will get a bill called a Notice of Medicare Premium Payment Due (CMS-500). To be eligible for premium-free Part A, an individual must be entitled to receive Medicare based on their own earnings or those of a spouse, parent, or child. If you have a higher income, you will pay an Income Related Monthly Adjusted Amount, also known as an IRMAA. For tax year 2020, for which the deadline to file in 15 April 2021, many seniors over the age of 65 do not have to file a tax return. You generally pay this extra amount for twice the number of years that you were eligible for Part A but not enrolled. If you have a covered hospital stay, hospice stay, or short-term stay in a skilled nursing facility, Medicare Part A pays 100% of allowable charges for the first 60 days after you meet your Part A deductible. Higher income earners will also pay an additional surtax for their Medicare Part B and Part D premiums. Medicare Insurance, DBA of Health Insurance Associates LLC, $250,000 Qualifying widower with a child. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options. Medicare is paid for by taxpayer contributions to the Social Security Administration. If you receive a paycheck, there will a pay stub attached or included with the check that itemizes all of your deductions. Score: 4.3/5 ( 75 votes ) Although nearly everyone will get free Medicare Part A, the total cost for all components of Medicare will typically be between $170 and $350 per month. The Part A penalty is 10% added to your monthly premium. In 2022, the Medicare tax rate is 2.9%, which is split between an employee and their employer. Unlike the Hospital Insurance Trust Fund, SMI does not receive funds from payroll taxes. An employer generally must withhold part of social security and Medicare taxes from employees ' wages and the employer additionally pays a matching amount. The Medicare tax rate in 2021 is 2.9%. These costs are waived or reduced for those who qualify for low-income financial assistance programs. How much is the Medicare tax? Every person who receives a paycheck is paying a Medicare tax. We do not offer every plan available in your area. If you don't get premium-free Part A, you pay up to $499 each month. High-income employees are charged an additional 0.9% Medicare surtax. No, each beneficiary will have a Part B premium that's based on their income. M4A will actually help pay for other things, because it is so much more efficient than our current system. While Medicare isn't necessarily mandatory, it is automatically offered in some situations and may take some effort to opt out of. Some may confuse Medicare taxes with Social Security taxes. While everyone pays some taxes toward Medicare, you'll only pay the additional tax if you're at or above the income limits. You can have 7, 10, 12 or 22 percent of your monthly benefit withheld for taxes. In 2020, the standard premium is $144.60/month for those making no more than $87,000 per year ($174,000 per year for married couples filing jointly). Any information we provide is limited to those plans we do offer in your area. These higher costs have a ripple effect and result in higher Part B premiums and deductible.. So together, the Social Security and Medicare programs make up the Federal Insurance Contributions Act (FICA) tax rate of 7.65%. The Medicare tax rate is determined by the IRS and is subject to change. If not, you'll get a bill from Medicare every three months that you'll need to pay out of . Medicare premiums are based on your modified adjusted gross income, or MAGI. You are eligible for premium-free Part A if you are age 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years. Live in the zip code service area of a plan that offers this program. Who Pays for Medicare? If you don't buy Part A when you're first eligible for Medicare (usually when you turn 65), you might pay a penalty. This website and its contents are for informational purposes only and should not be a substitute for experienced medical advice. The Medicare tax rate in 2021 is 2.9%. The agencies oversee what are known as Medicare trust funds. About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment. You will need to make arrangements to pay this bill every month. Enacted on Jan. 1, 2013, thenet investment income taxtook effect under the Affordable Care Act. Everyone pays for Part B of Original Medicare. The Medicare tax rate applies to all earned income and taxable wages, and there is no minimum income required to be subject to Medicare taxes. Employers pay. Medicare premiums are calculated based on your modified adjusted gross income from two years prior. $252 per month for those who paid Medicare taxes for 30-39 quarters. The tax is applied to regular earnings, tips, and bonuses. Do not rely on government or other assistance for your Part B premium. If you're an employee, your employer must by law pay half of your Medicare and Social Security payroll taxes. What taxes are taken out of Social Security? For those who do not meet the criteria and have to pay a premium, the rates for 2020 is as follows: $458 per month for those who paid Medicare taxes for less than 30 quarters. Medicare tax: 1.45%. Use our easy tool to shop, compare, and enroll in plans from popular carriers. Employers and employees split that cost with each paying 1.45%. It helps fund the Medicare program, a low-cost health insurance option for people 65 or older as well as some younger people with certain disabilities. 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