Medicare Part B is part of Original Medicare, the federal health insurance program in the United States. Part B covers medically necessary services, such as doctor visits, outpatient hospital care, and preventive care. It also covers some durable medical equipment, like wheelchairs and walkers.
The cost of Medicare Part B varies depending on your income. For most people, the standard Part B premium in 2023 is $164.90 per month. However, people with higher incomes pay a higher premium. In 2023, the highest Part B premium is $560.50 per month.
In addition to the monthly premium, you may also have to pay a deductible and coinsurance for Part B services. The deductible is the amount you have to pay out-of-pocket before your insurance starts to cover costs. The coinsurance is a percentage of the cost of services that you have to pay after you meet the deductible.
How Much Is Medicare Part B
Here are 8 important points about how much Medicare Part B costs:
- Standard premium: $164.90 per month
- Higher income premium: Up to $560.50 per month
- Deductible: $226 per year
- Coinsurance: 20% of Medicare-approved costs
- Covers: Doctor visits, outpatient hospital care, preventive care
- Also covers: Some durable medical equipment
- Costs vary: Depending on income and services received
- Financial assistance: Available for low-income beneficiaries
Medicare Part B costs can vary depending on your income, the services you receive, and whether you have other health insurance coverage. If you have questions about how much Medicare Part B will cost you, you can contact the Social Security Administration or visit the Medicare website.
Standard Premium: $164.90 per Month
The standard Medicare Part B premium is the monthly amount that most people pay for Part B coverage. In 2023, the standard Part B premium is $164.90 per month. This means that if you are enrolled in Part B and you do not have other health insurance coverage, you will pay $164.90 per month for your Part B coverage.
- Who pays the standard premium?
Most people pay the standard Part B premium. This includes people who are:
- 65 or older
- Disabled
- Have end-stage renal disease (ESRD)
- When do I pay the standard premium?
You pay the standard Part B premium each month. Your premium payments are due on the first day of each month. If you do not pay your premium on time, you may have to pay a late payment penalty.
- How do I pay the standard premium?
You can pay your standard Part B premium in a number of ways, including:
- Online
- By mail
- Through your bank's bill pay service
- What if I can't afford the standard premium?
If you cannot afford the standard Part B premium, you may be able to get help paying for your premium. There are a number of programs that can help you pay for your Part B premium, including:
- Medicare Savings Programs
- Medicare Extra Help
- State Pharmaceutical Assistance Programs
If you have questions about the standard Part B premium or how to pay your premium, you can contact the Social Security Administration or visit the Medicare website.
Higher Income Premium: Up to $560.50 per Month
People with higher incomes pay a higher Medicare Part B premium. This is because Medicare is funded in part by premiums paid by beneficiaries. People with higher incomes can afford to pay more in premiums, so they are charged a higher premium.
The higher income premium is based on your modified adjusted gross income (MAGI) from two years ago. MAGI is your adjusted gross income (AGI) plus tax-exempt interest and certain other income.
The higher income premium amounts for 2023 are as follows:
- MAGI of $97,000 or more for single filers and $194,000 or more for married couples filing jointly: $560.50 per month
- MAGI of $88,000 to $97,000 for single filers and $176,000 to $194,000 for married couples filing jointly: $491.60 per month
- MAGI of $70,000 to $88,000 for single filers and $140,000 to $176,000 for married couples filing jointly: $422.70 per month
- MAGI of $56,000 to $70,000 for single filers and $112,000 to $140,000 for married couples filing jointly: $353.80 per month
If your MAGI is above the threshold for the highest premium amount, you will pay the highest premium amount. For example, if you are a single filer with a MAGI of $100,000, you will pay the highest premium amount of $560.50 per month.
If you have questions about the higher income premium or how to calculate your MAGI, you can contact the Social Security Administration or visit the Medicare website.
Deductible: $226 per Year
The Medicare Part B deductible is the amount you have to pay out-of-pocket before Medicare starts to cover your costs for Part B services. In 2023, the Part B deductible is $226 per year.
You pay the Part B deductible once per calendar year. This means that you only have to pay the deductible one time, regardless of how many Part B services you receive during the year.
Once you meet the deductible, Medicare will start to cover your costs for Part B services. Medicare will pay 80% of the Medicare-approved cost of your services, and you will be responsible for paying the remaining 20%. This is known as coinsurance.
There are some Part B services that are not subject to the deductible. These services include:
- Preventive services, such as screenings and immunizations
- Annual wellness visits
- Flu shots
- Hospital inpatient services
If you receive one of these services, you will not have to pay the Part B deductible.
If you have questions about the Part B deductible or how to calculate your coinsurance, you can contact the Social Security Administration or visit the Medicare website.
Coinsurance: 20% of Medicare-approved Costs
Coinsurance is the percentage of the Medicare-approved cost of a service that you are responsible for paying. For Medicare Part B services, the coinsurance rate is 20%. This means that Medicare will pay 80% of the Medicare-approved cost of your services, and you will be responsible for paying the remaining 20%.
For example, if you receive a Part B service that costs $100, Medicare will pay $80 and you will be responsible for paying $20.
You pay coinsurance for most Part B services, including:
- Doctor visits
- Outpatient hospital care
- Durable medical equipment
- Home health care
- Physical therapy
- Occupational therapy
- Speech therapy
There are some Part B services that are not subject to coinsurance. These services include:
- Preventive services, such as screenings and immunizations
- Annual wellness visits
- Flu shots
- Hospital inpatient services
If you receive one of these services, you will not have to pay coinsurance.
If you have questions about coinsurance or how to calculate your coinsurance amount, you can contact the Social Security Administration or visit the Medicare website.
Covers: Doctor Visits, Outpatient Hospital Care, Preventive Care
Medicare Part B covers a wide range of medically necessary services, including:
- Doctor visits: Medicare Part B covers doctor visits for both medical and surgical care. This includes visits to your primary care doctor, specialists, and other healthcare providers.
- Outpatient hospital care: Medicare Part B covers outpatient hospital care, such as surgery, radiation therapy, and chemotherapy. It also covers observation stays in the hospital.
- Preventive care: Medicare Part B covers a variety of preventive care services, such as screenings, immunizations, and annual wellness visits.
Here are some specific examples of services that Medicare Part B covers:
- Annual mammograms and Pap smears
- Colorectal cancer screenings
- Flu shots
- Pneumonia vaccines
- Hepatitis B vaccines
- Diabetes screenings
- Glaucoma screenings
- HIV screenings
- Alcohol misuse screenings
- Depression screenings
Medicare Part B also covers some durable medical equipment, such as wheelchairs, walkers, and hospital beds. To get coverage for durable medical equipment, you must have a prescription from your doctor.
If you have questions about what services are covered by Medicare Part B, you can contact the Social Security Administration or visit the Medicare website.
Also Covers: Some Durable Medical Equipment
Medicare Part B covers some durable medical equipment (DME) that is medically necessary and used in the home. DME is equipment that is used for a long period of time (more than 13 months) and is not used up or consumed.
Some examples of DME that Medicare Part B covers include:
- Wheelchairs
- Walkers
- Hospital beds
- Oxygen tanks and concentrators
- CPAP machines
- Blood sugar monitors
- Insulin pumps
- Prosthetics
- Orthotics
- Hearing aids
To get coverage for DME, you must have a prescription from your doctor. Your doctor must certify that the DME is medically necessary and that it will be used in your home.
Medicare Part B covers 80% of the Medicare-approved cost of DME. You are responsible for paying the remaining 20%. However, you may have to pay more if you choose to get DME from a supplier that does not accept Medicare assignment.
If you have questions about Medicare Part B coverage for DME, you can contact the Social Security Administration or visit the Medicare website.
Medicare Part B is a valuable program that can help you pay for a variety of medically necessary services. If you are eligible for Medicare Part B, we encourage you to enroll so that you can take advantage of the benefits that it offers.
Costs Vary: Depending on Income and Services Received
The cost of Medicare Part B varies depending on your income and the services you receive. Here is a summary of how these factors can affect your costs:
Income- Standard premium: Most people pay the standard Part B premium of $164.90 per month. However, people with higher incomes pay a higher premium.
- Higher income premium: People with higher incomes pay a higher Part B premium. The higher income premium ranges from $491.60 to $560.50 per month in 2023.
- Deductible: You pay a deductible of $226 per year before Medicare starts to cover your costs for Part B services.
- Coinsurance: After you meet the deductible, you are responsible for paying coinsurance for most Part B services. The coinsurance rate is 20% of the Medicare-approved cost of the service.
- Other costs: You may also have to pay other costs for Part B services, such as copays or charges for non-covered services.
The total cost of Medicare Part B will vary depending on your income, the services you receive, and whether you have other health insurance coverage.
If you have questions about how much Medicare Part B will cost you, you can contact the Social Security Administration or visit the Medicare website. You can also use the Medicare Plan Finder tool to compare Medicare plans and find one that fits your needs and budget.
Financial Assistance: Available for Low-Income Beneficiaries
If you are a low-income beneficiary, you may be eligible for financial assistance to help you pay for Medicare Part B premiums and other Medicare costs. There are two main programs that provide financial assistance to low-income Medicare beneficiaries:
- Medicare Savings Programs: Medicare Savings Programs (MSPs) are state-administered programs that help people with limited income and resources pay for Medicare Part B premiums, deductibles, and coinsurance.
- Medicare Extra Help: Medicare Extra Help is a federal program that helps people with limited income and resources pay for Medicare Part D prescription drug coverage. Medicare Extra Help can also help pay for Medicare Part B premiums.
To be eligible for MSPs or Medicare Extra Help, you must meet certain income and resource limits. The income and resource limits vary from state to state for MSPs and are the same for all states for Medicare Extra Help.
If you think you may be eligible for financial assistance, you can contact your state Medicaid office or the Social Security Administration. You can also visit the Medicare website to learn more about MSPs and Medicare Extra Help.
If you are eligible for financial assistance, you can apply for MSPs or Medicare Extra Help online, by phone, or by mail. Once you are approved for financial assistance, you will receive a Medicare Savings Program card or a Medicare Extra Help card. You can use your card to pay for Medicare premiums, deductibles, and coinsurance.
FAQ
Here are some frequently asked questions about how much Medicare Part B costs:
Question 1: How much is the standard Medicare Part B premium?
Answer: The standard Medicare Part B premium is $164.90 per month in 2023.
Question 2: Do I have to pay a higher premium if I have a higher income?
Answer: Yes, people with higher incomes pay a higher Part B premium. The higher income premium ranges from $491.60 to $560.50 per month in 2023.
Question 3: Is there a deductible for Medicare Part B?
Answer: Yes, there is a $226 annual deductible for Medicare Part B. You have to pay the deductible before Medicare starts to cover your costs for Part B services.
Question 4: What is coinsurance?
Answer: Coinsurance is the percentage of the Medicare-approved cost of a service that you are responsible for paying. The coinsurance rate for Medicare Part B is 20%.
Question 5: What services does Medicare Part B cover?
Answer: Medicare Part B covers a wide range of services, including doctor visits, outpatient hospital care, preventive care, and some durable medical equipment.
Question 6: Can I get help paying for Medicare Part B costs?
Answer: Yes, there are several programs that can help you pay for Medicare Part B costs, including Medicare Savings Programs and Medicare Extra Help.
Question 7: How can I apply for Medicare Savings Programs or Medicare Extra Help?
Answer: You can apply for Medicare Savings Programs or Medicare Extra Help online, by phone, or by mail. You can find more information about these programs on the Medicare website.
Question 8: Where can I learn more about Medicare Part B costs?
Answer: You can learn more about Medicare Part B costs by visiting the Medicare website or by contacting the Social Security Administration.
These are just some of the most frequently asked questions about Medicare Part B costs. If you have additional questions, you can contact the Social Security Administration or visit the Medicare website.
In addition to understanding the costs of Medicare Part B, there are a few things you can do to save money on your Medicare costs. These tips can help you get the most out of your Medicare coverage.
Tips
Here are a few tips to help you save money on your Medicare Part B costs:
Tip 1: Consider enrolling in a Medicare Advantage plan.
Medicare Advantage plans are offered by private insurance companies and can provide coverage for Medicare Part B services, as well as additional benefits like dental and vision coverage. Some Medicare Advantage plans may have lower premiums or out-of-pocket costs than Original Medicare.
Tip 2: Use generic drugs when possible.
If you take prescription drugs, ask your doctor if there is a generic version available. Generic drugs are typically much cheaper than brand-name drugs and are just as effective.
Tip 3: Shop around for durable medical equipment.
If you need durable medical equipment, such as a wheelchair or walker, shop around for the best price. You can compare prices online or by calling different suppliers.
Tip 4: Take advantage of preventive care benefits.
Medicare Part B covers a variety of preventive care services, such as screenings and immunizations. These services can help you stay healthy and avoid costly medical problems in the future.
By following these tips, you can save money on your Medicare Part B costs and get the most out of your Medicare coverage.
Medicare Part B is an important program that can help you pay for medically necessary services. By understanding the costs of Medicare Part B and taking steps to save money, you can make the most of your Medicare coverage.
Conclusion
Medicare Part B is an important program that can help you pay for medically necessary services. The cost of Medicare Part B varies depending on your income and the services you receive. However, there are several ways to save money on your Medicare Part B costs, such as enrolling in a Medicare Advantage plan, using generic drugs, shopping around for durable medical equipment, and taking advantage of preventive care benefits.
If you have questions about Medicare Part B costs or how to save money on your Medicare costs, you can contact the Social Security Administration or visit the Medicare website. You can also talk to your doctor or other healthcare provider about your Medicare coverage.
By understanding the costs of Medicare Part B and taking steps to save money, you can make the most of your Medicare coverage and get the care you need to stay healthy.
Medicare Part B is a valuable program that can help you pay for a variety of medically necessary services. If you are eligible for Medicare Part B, we encourage you to enroll so that you can take advantage of the benefits that it offers.