Medicare Part B is the medical insurance part of Medicare, which is administered by the federal government. Medicare Part B covers outpatient care, including the necessary services you need to treat a medical condition or disease. It also covers preventive care, like mental health counseling and screenings.
With this part of Medicare, you can stay on top of your wellness and check-up visits. If you signed up for Medicare Part B, you must pay a monthly premium and other costs like coinsurance and deductibles. Let’s take a deeper dive into what is covered by Medicare Part B and how much it costs.
What Does Medicare Part B Cover?
Medicare Part B covers 80% of the approved costs of certain medical services. Most of these services are managed on an outpatient basis, which means you can’t receive these services as a patient in a hospital. However, there are some exceptions to this rule, such as the services you receive during emergency room visits, even if you are later admitted.
Before you can get coverage, the care you received must be administered by Medicare-approved suppliers or other health professionals. The medical services covered include the following:
- Provider services
- Medically necessary outpatient hospital care
- Durable medical equipment (DME)
- Vaccines, such as pneumonia shot and an annual flu shot
- Screenings and tests for conditions like glaucoma, hepatitis C, depression, diabetes, and more
- Home health services
- Ambulance services
- Preventive services
- Therapy services
- Mental health services
- Chiropractic care
- X-rays and lab tests
Cost of Medicare Part B
Here is a breakdown of the costs associated with Medicare Part B in 2021.
Monthly premium: The 2021 monthly premium for Medicare Part B is set at $148.50. The amount of the Medicare Part B premium can increase depending on your income. Those with higher income usually pay what is called income-related monthly adjusted amount (IRMAA).
Deductible: The annual deductible for Medicare Part B in 2021 is $203. This is how much you have to pay out-of-pocket before Medicare Part B starts to cover the costs.
Coinsurance: This is the percentage that beneficiaries pay after they have met their deductibles. You’ll be required to pay 20% of the cost while Medicare Part B covers the remaining 80%.
Copays: This is the set amount enrollees have to pay when they receive medical services covered by Medicare. Depending on where you receive the service, you might be required to pay a small copay.
Get Help with Medicare Part B
Our experts can help you understand Medicare Part B costs and coverage. For more information regarding how Medicare Part B may benefit you, reach out to us today.