Is there a cost for Medicare Part B?

Medicare Part B has a minimum monthly premium of $104.90 and a yearly deductible of $147, according to the Centers for Medicare and Medicaid Services. People whose incomes exceed a certain amount may have an Income Related Monthly Adjustment Amount added to their premium.

The modified, adjusted gross income on the tax return from two years prior to the year in which a person enrolls determines the IRMAA, states the Centers for Medicare and Medicaid Services. The total monthly premium may change each year, depending on income. People who do not sign up when they are first eligible may also pay a late enrollment fee.