From Fortune:

1. Most Medicare beneficiaries will pay about $2,100 in Part B premiums in 2024, but high-income individuals can be charged up to $6,708 due to IRMAA (Income-Related Monthly Adjustment Amount) regulations. Some federal and state government workers are exempt from IRMAA.

2. Former federal employees are exempt from paying IRMAA because they continue to receive health benefits from the Federal Employees Health Benefits Program instead of enrolling in Medicare Part B.

3. IRMAA’s surcharge starts at $244.60 a month for incomes between $103,000 and $129,000 and goes up to $559 a month for those earning $500,000 or more. Only 7% of private-sector workers have employers offering retiree health insurance in 2022, down from 25% in 1997.

4. Declining to enroll in Medicare Part B can result in savings for retirees, but late enrollment can lead to significant penalties if they decide to sign up later.

5. Despite potential IRMAA surcharges, former federal workers are advised to opt for the Federal Employees Health Benefits Plan instead of Part B due to the substantial health benefits it provides. A few private insurers and state retirement systems can also provide reimbursements for Part B premiums and IRMAA surcharges.



Read more: How some people avoid IRMAA, the Medicare surcharge on premiums