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 Medicare Part B Cost, Benefits and More

Medicare Part B Cost, Benefits and More

In this article, you will learn about what Part B covers, your Medicare part b cost and the importance of signing up for Part B when you first become eligible. 

What is Medicare Part B?

Medicare Part B is your Medical Insurance. 

How Much is Medicare Part B?

There is a monthly premium that you must pay for your Part B benefits.

The Medicare Part B cost is $164.90 per month and this is the standard rate, set by the government.

However, if your adjusted gross income on your tax return from 2 years ago is above a certain amount, then you may be paying a higher income-rated monthly rate.  If you would like to view the higher income level chart, then you may visit it here.

What Does Medicare Part B Cover?

Medicare Part B  is your Medical insurance that helps cover services from doctors and specialists. These services would include preventive and screenings services such as flu shots, covid-19 vaccines, hepatitis B shots and annual wellness visits.  There are also many important screenings such as colonoscopies, blood test, cardiovascular disease screenings, lung cancer screenings and more. 

What is the Part B deductible for 2023?

The Annual Part B Deductible is $226 in 2023. This amount changes from year to year and usually increases gradually over time.

What is my Cost Sharing under Medicare Part B?

Under Part B, you will be responsible to pay a percentage of your healthcare services. Medicare will pay 80% and the patient is responsible for a 20% co insurance amount. Also, the annual deductible and any excess charges that a provider may bill beyond the Medicare-approved amount. 

What is the Part B Late Enrollment Penalty?

If you choose not to sign up for Medicare Part B when you first become eligible and you don’t have any qualifying credible coverage, then you may be subject to pay a 10% per year penalty for every year that you are not enrolled.  

Also, you may need to wait until the General Election Period to sign up for Part B and wait several months before your coverage starts.  

How do i know if i'm eligible for medicare Part B?

Depending on your age or health related circumstances, you may be eligible for Medicare Part B.  Click the link below if you would like to check your eligibility.  

How Do I Sign Up for Medicare Part B?

If you are receiving Social Security Benefits, then you will be automatically enrolled into Medicare Part B.

If you are not yet collecting Social Security Benefits, then you will need to apply.

There are 3 ways to Apply for Part B:
1) Online
2) Over the phone
3) Visiting your local Social Security Office.