As the fastest growing segment of the American population, today's senior citizens participate in the Medicare program, which provides medical coverage for those citizens over the age of 65 or persons whose debilitating condition classifies them as "disabled." Originally, Medicare had only a "standard deduction" that was withheld from the Social Security check of the Medicare participant, but starting in June 2007, as wealthier "baby boomers" joined the ranks of senior citizens, a sliding scale was introduced that based the Medicare deduction for these wealthy seniors on income reported to the Internal Revenue Service.
Contact your accountant or look into your files and obtain your taxable adjusted gross income and tax exempt interest income from your most recent tax filing. Add your taxable adjusted gross income and tax exempt interest income to determine your modified adjusted gross income. .
Scrutinize your income tax filing status. Those filing "married filing jointly" with an income of more than $170,000 in 2010 will pay a higher Part B Medicare premium. If your filing status is other than "married, filing jointly," you will pay a higher premium if your modified adjusted gross income exceeds $85,000.
Video of the Day
Look at the chart for "Monthly Part B Premiums for 2010" to calculate your approximate total monthly premium amount. Note that there is a separate chart for those who lived with a spouse at some time during the taxable year, but who filed a separate tax return.