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What are the Costs for Medicare Part B?

Costs for Medicare Part B

The Medicare program is made up of various parts, which includes Medicare Part B. Medicare Part A and Part B are known as Original Medicare. Medicare Part A serves as hospital insurance and covers inpatient care, while Part B covers outpatient care and medically necessary services. Part B covers services such as preventive screenings, doctor visits, ER stays, ambulance rides, durable medical equipment, and other services.

Like other Medicare parts, there are some out-of-pocket costs enrollees are required to cover. Below are the costs you can expect for Medicare Part B.

Medicare Part B Costs

If you are enrolled in Medicare Part B, you will pay a monthly premium. For 2021, the standard premium for Part B is $148.50. However, this monthly premium can be more if you have a higher income. Apart from the monthly premium, there is also the deductible. The deductible is the amount you are expected to cover from your own pocket before Medicare covers the approved services. The deductible for Part B in 2021 is $203. 

There is also another cost known as coinsurance. The coinsurance refers to the percentage of costs you are to cover after you meet your deductible. Medicare Part B typically covers 80% of most approved costs, leaving the remaining 20% as the coinsurance costs. You may also be charged a fixed amount for each service you receive. This is known as the copayment.

By adding on a Medicare Supplement plan, you can save yourself from paying high out-of-pocket costs from Original Medicare. Depending on the Supplement plan you choose, most if not all of your coinsurance and copayments may be covered.

Enroll on Time

When you enroll in Medicare Part B will also impact what you pay! We always recommend enrolling once you’re eligible, but we know that this doesn’t always happen. However, delaying your enrollment in Part B without being eligible for a Special Enrollment Period can cause late enrollment penalties to be added to your Part B monthly premium. Unfortunately, these penalties are permanent. 

If you want to avoid the Part B late enrollment penalty, you should enroll in Part B during your Initial Enrollment Period.
If you want to learn more about Medicare Part B and the costs and coverage you can expect with this part, give us a call today! We’re here to help you understand all your Medicare coverage options.

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