Medicare Part B

Medicare Part B is an optional part of Medicare, but it covers many vital services. Part B covers physician services such as doctor office visits, outpatient hospital stays, durable medical equipment, and other related costs. The costs of Part B depend on your income. Read on for more information.

Part B Coverage

Medicare Part B mainly covers outpatient costs and equipment. It specifically covers the services below:

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Preventive Services 

  • Counseling on risk behaviors & Education
  • Screenings for common health conditions
  • Vaccines

Outpatient Services

  • Ambulatory services
  • Ambulatory Surgery
  • Urgent Care
  • Emergency Department
  • Chemotherapy
  • And other necessary outpatient services

Tests

  • EKG screening
  • Hearing and balance tests
  • Laboratory Services
  • Tests not included in laboratory services

Equipment

  • Continuous Positive Airway Pressure therapy
  • Defibrillator
  • Diabetes equipment, including supplies and shoes
  • Durable medical equipment
  • Eyeglasses after cataract surgery
  • Kidney Dialysis and supplies
  • Prosthetics and Orthotics
  • Surgical dressings

 

While Part B does cover many necessary items for outpatient care, there are certain limitations to keep in mind. In particular, Part B will only cover 80% of costs after you meet your deductible. You are then responsible for the remaining 20%.

Part B Costs

Part B has two costs to be aware of: the monthly premium and the annual deductible.

Monthly Premium

The monthly premium for Part B depends on your income. If your income is less than $97,000 individually or $194,000 jointly, the 2023 monthly premium for Part B is $164.90. About 93% of people will meet the requirements and pay $164.90 monthly. The other 7% will pay a monthly premium depending on their income. The monthly premium will increase with an increase in income. See the guidelines below.

  • If you make between $97,000 and $123,000 individually (or between $194,000 and $246,000 jointly), you will pay $230.80 per month for Part B. 
  • If you make between $123,000 and $153,000 individually (or between $246,000 and $306,000 jointly), you will pay $329.70 per month for Part B. 
  • If you make between $153,000 and $183,000 individually (or between $306,000 and $366,000 jointly), you will pay $428.60 per month for Part B. 
  • If you make between $183,000 and $500,000 individually (or between $366,000 and $750,000 jointly), you will pay $560.50 per month for Part B. 
  • If you make greater than or equal to $500,000 individually (greater than or equal to $750,000 jointly), you will pay $560.50 per month for Part B.

 

Annual Deductible

Part B has a deductible of $226 in 2023. After you meet your deductible, Medicare will cover the remaining 80% of the cost. You are responsible for 20% of the additional cost. 

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