How to Pay For Medicare?
If you thought Medicare was free because you paid into it through FICA taxes your whole working life, think again. For the majority of retirees, Medicare does have a monthly cost whether you use your benefits or not.
How Much Does Medicare Cost?
In 2026, for most people Medicare Part B costs $202.90/mo. This can be higher or lower depending on your income, but 90% of people pay $202.90/mo. This amount is set by the Center for Medicare and Medicaid services, and will increase over time. In 2025, the going rate was $185/mo.
Income Based Medicare Surcharges
You should know that higher income households pay more for Medicare Part B and Part D plans. The technical term for this surcharge is an “Income Related Medicare Adjustment Amount” or IRMAA. The higher your household income, the more you pay. IRMAA is automatically applied based on your income tax return from 2 years prior. In other words, for 2026, they assess IRMAA based on your 2024 income.
You can view more about IRMAA in this article
How Do I Pay For Medicare?
If you draw social security, monthly premiums are taken directly out of your social security check monthly. If not, you will receive a quarterly bill in the mail. We highly advise setting up Medicare Easy Pay, which allows you to pay your Medicare Part B premium through monthly automatic bank drafts.