Medicare Part B

Medicare Part B, part of Original Medicare, is a federal health insurance program that covers a range of medical services. It includes coverage for annual wellness visits, laboratory tests, bloodwork, x-rays, medical equipment, mental health services, and ambulance transport.

Typically, under Part B, you are responsible for paying 20% of the Medicare-approved amount for each covered service or item. However, it does not cover dental, hearing, or vision exams, hearing aids, glasses, emergency care outside the U.S., long-term care, or prescription drugs. Additionally, Medicare Part B requires a monthly premium.

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Part B Coverage Includes

Diabetes Screenings, Supplies & Self-Management Training, and the following:

Doctor’s Office Visits

Preventive Care

Chemotherapy

Physical Therapy

Flu Shots

Pneumococcal Shots

Outpatient Mental Health Care

Durable Medical Equipment

Alcoholism Counseling

Some dermatological services (when deemed medically necessary)

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What Medicare (Part B) Does Not Cover

Medicare Part B does not cover certain healthcare services, but Medicare Advantage (Part C) plans may include coverage for:

Long-term care
Prescription drug plans
Routine hearing, dental, and vision exams
Fitness club memberships
Hearing aids and glasses
Emergency assistance outside the U.S.

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Medicare "Must-Know" Information

medicare Part B COST

This requires a monthly premium and a yearly deductible before coverage starts.

Your costs for enrolling in Part B will include the monthly premium, coinsurance (the portion of the cost that Medicare does not cover), and an annual deductible.
For 2023, the standard monthly premium is $164.90, though it can be higher for individuals with higher incomes.
The annual deductible for Part B is $226, and you are also responsible for paying 20% of the Medicare-approved amount for covered services as coinsurance.

medicare Part B Eligibility

To qualify for Medicare Part B, you must meet one of the following criteria:

Eligibility for Medicare Part B follows the same guidelines as Medicare Part A.
To qualify, you must be 65 years of age or older and a U.S. citizen. Legal permanent residents who have lived in the United States for at least 5 consecutive years are also eligible.
Additionally, individuals diagnosed with End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS) can apply for Part B.
Furthermore, those under 65 with specific disabilities that significantly impact daily living and require extensive care may also be eligible.

medicare Part B enrollment

Medicare Part B requires a monthly premium and a yearly deductible before coverage starts.

Your costs for enrolling in Part B will include the monthly premium, coinsurance (the portion of the cost that Medicare does not cover), and an annual deductible.
For 2023, the standard monthly premium is $164.90, though it can be higher for individuals with higher incomes.
The annual deductible for Part B is $226, and you are also responsible for paying 20% of the Medicare-approved amount for covered services as coinsurance.

Late Enrollment Fees

Medicare Part B imposes a late enrollment penalty of 10% of the standard premium rate for each 12-month period you go without signing up.
This penalty is applied for as long as you have Part B coverage. In 2023, the standard premium rate for Part B is $164.90. For example, if you delay enrollment by two years, your monthly premium will increase by 20%.
In this case, the late enrollment penalty would amount to $33 per month (10% of $164.90 is $16.49, and multiplying this by 2 years gives $33). Therefore, if you enroll two years late, your monthly premium would be $197.90 ($164.90 plus $33) for as long as you have Part B coverage.

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