Medicare Part B
Medicare Part B is a government sponsored medical insurance plan that helps pay for medical expenses related to doctors’ services, known as outpatient expenses. Most Americans will receive Medicare Part A without having to pay a premium however Medicare Part B is optional. If participants want to enroll they will be required to pay a monthly premium for coverage. Medicare Part B enrollment is required to participate in additional optional Medicare programs such as:
Costs Associated with Medicare Part B
Participants enrolled in Medicare Part B, medical insurance are required to pay a monthly premium. Most people will only be required to pay the standard premium amount. The only way that participants are required to pay extra is if their adjusted gross income as reported to the IRS during the previous 2 years is above the threshold set by Medicare. This is known as an Income Related Monthly Adjustment Amount, IRMAA, and is an extra charge added to the Medicare Part B premium.
How much does Medicare Part B cost?
Most Medicare Part B participants will pay a premium of $135.50 each month in 2019. The 2019 deductible for Part B is $185.00. If participants wait to enroll in Part B when they first become eligible a late enrollment penalty will apply.
Medicare part B Premiums by Income
What does Medicare Cover?
Services that are considered medically necessary in order to treat a condition or disease are covered under Medicare. This includes:
Participants in a Medicare Advantage Plan or other Medicare plans will have different rules to follow. The coverage that is offered must at least have the same coverage as Original Medicare however; certain services may only be covered in certain setting or for patients with certain conditions. In general coverage with Medicare Part B covers:
Medicare Part B covers two types of services
- Medically necessary services: Any service or supply that is needed to diagnose or treat the participant’s medical condition and meets accepted standards of medical practice
- Preventative services: Health care needs that prevent illness, such as the flu, or detects it an early stage, when treatment works best.
With Medicare Part B participants pay nothing out of pocket for most preventative services when the service comes from a health care provider that accepts Medicare.
Does Medicare Part B Cover what you need?
In order to determine if the care you need is going to be covered under Medicare Part B you can do one of two things.