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Medicare Premiums Update and Medicare Surtax

 

Medicare Part B premiums are remaining unchanged for 2014 ($104.90 per month).  Those seniors who had an adjusted gross income of over $170,000 for married couples or $85,00 for all others, there will be an increase in rates for Part B and Part D premiums.  The adjusted gross income will be taken from the 2012 tax returns that were filed.  Total surcharges are phased in by adjusted gross income levels but will not be greater than $300.10 a month.  If you would like more information on the rate breakdown or how this might affect you, please follow the link below to the document provided by the Social Security Administration.

http://www.ssa.gov/pubs/EN-05-10536.pdf

As part of the Affordable Care Act there is a new Medicare surtax that is being imposed on singles earning over $200,000 or couples earning over $250,000 for 2013.  This new surtax only applies to the earnings over the thresholds listed above.  This new surtax is only paid by the employee and does not change the employer portion of the Medicare tax.  This adds 0.9% to the amount of Medicare tax that is being paid and employers have been instructed to withhold the extra 0.9% of Medicare tax on any employee whose earnings exceed $200,000 regardless of filing status.

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Retirement Contribution Limits for 2014

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