Medicare Choice Group

Medicare Part B: Coverage & Costs Overview

The Medicare system is made up of four parts: A, B, C, and D. Medicare Part B is the “medical insurance” portion of Medicare and along with Part A makes up what is called Original Medicare.  

What Does Medicare Part B Cover?

Medicare Part B covers two types of medical services: medically-necessary and preventative care. 

Think outpatient doctor visits , tests, routine screenings and wellness exams. 

Medically-necessary services also include supplies, such as wheelchairs or walkers as well as ambulance services, mental health services, partial hospitalization, and getting second opinions on surgery recommendations.   

Who Needs Medicare Part B?

The majority of people enrolled in Medicare are signed up to receive Part B coverage. 

While Medicare Part B is not mandatory, failure to either enroll in Medicare Part B when you turn 65 or take the necessary steps to defer coverage can result in lifelong penalties once you do enroll.   

What is the Cost for Medicare Part B?  

The 2022 Medicare Part B standard annual deductible is $233, with a monthly Medicare Part B premium of $170.10.  

There is also associated coinsurance for covered medical services, which is 20 percent of the total cost of the service. Keep in mind, you are only responsible for the 20 percent coinsurance after meeting the annual deductible, then Medicare covers the rest.  

Tip: These standard costs are applicable if your only coverage is Original Medicare. If you’re looking to lower your out-of-pocket expenses you can consider alternative options, like Medicare Advantage or Medicare Supplement plans. 

Learn More About Medicare Part B

Medicare Part B is a critical component to your Medicare coverage, so it’s important to understand its associated costs and benefits. 

Medicare Choice Group is here to answer questions, offer recommendations, walk you through Medicare Part B enrollment, and explore plan options that align with your individual health care needs. 

Connect with us to get the conversation started today.

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