How much does Part B Cost?
There is a monthly premium for Part B. Most people pay the standard monthly amount. In 2022, the standard monthly premium is $170.10. If you make a higher income you can have a higher premium.
If you are receiving Social Security Part B will be deducted from your check monthly. If you are not receiving Social Security then you will be billed quarterly for your Part B premium.
Part B Benefits
Medicare Part B covers outpatient services. This includes services such as:
- Services from doctors and other health care providers
- Outpatient care
- Preventative Care
- Home Health care
- Durable Medical Equipment
Part B covers outpatient services such as doctor’s visits, labs and x-rays, ambulance and colonoscopies. However it also covers some services that may be in a hospital such as cancer treatment, outpatient surgery and dialysis.
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All you pay for is the premiums, which are the same with or without our help.
What other services do I pay for under Part B?
Part B has an annual deductible that changes annually. In 2022 the deductible is $233. After you pay your deductible Medicare pays 80% of covered services and you pay 20%. You would also be responsible for any “excess charges” that some facilities can charge. The big difference between Medicare Part B and your under 65 insurance is that there is no stop loss. This means if you have a $500,000 service you would have to pay 20% of that bill. This is why our clients sign up for Medicare Supplements or a MedAdvantage plan.
Does Part B cover prescriptions?
There are a limited number of RX that are covered in Part B. Typically, these covered drugs are given to you in a doctor’s office. Some examples of Part B covered drugs are: flu shot, oral cancer drugs, tube feeding and provider administered injectable drugs.
In general, drugs that you pick up at a pharmacy are covered under a Part D plan.
Part B does not cover
In general Part B does not cover routine vision, dental, prescriptions from a pharmacy, massage therapy, hearing aids, long term care and out of country care. It also would not cover care that was not medically necessary.
Part B Late Enrollment Penalty
If you do not enroll in Part B when you are first eligible you have to pay an extra 10% for each year you could have enrolled but did not. This penalty is added to your Part B premium as long as you are enrolled.
You may also need to wait to enroll in Part B. During Medicare General Enrollment Period January 1st- March 31st you can enroll in Part B and your coverage would begin July 1st.
If you are retiring is it important to not miss your special election period in order to avoid this penalty.
We know that Medicare can be confusing. All the different parts can be daunting to understand. We are here to educate you on all there is to know about Medicare. Our experts can help explain Part B you review your options to find the plan that is right for your needs. Call today (360) 299-2626