Michael M Insurance Blog

What is Medicare Part B?

Apr 2, 2021 | 0 comments

Medicare Part B is the Medical Coverage portion of “Original Medicare.”

Medicare Part B covers all medically necessary procedures outside of an admitted Hospital stay(Part A). Medicare Part B covers- All Medically Necessary Medical Services outside of an admitted Hospital In Patient Stay(Part A). Services Include- Doctor Visits including Primary Care and Specialists Diagnostic Tests Like Mri’s, CT Scans, Xrays and Blood Work Durable Medical Equipment like Wheel Chairs, Hospital Beds or a Cane and Crutches Out Patient Care Home Health Care Preventative Care like Vaccines, Screenings and Annual Wellness Tests Chemo and other injectables received in a Doctors office or Facility Dialysis


What Does Medicare Part B Cost?

Medicare Medical Part comes with a Monthly Premium of $174.70 in 2024. Some individuals could pay as much as $594.00 or in between depending upon their income. The additional cost is called an Income Related Monthly Adjustment Amount(IRMAA). Social Security will look back 2 years and base your Part B Premium on that income year. If your income is lower than 2 years ago a “Life Changing Event” form may be filed with Social Security and you can get the premium lowered to the base amount of $164.90. (See IRMAA below).  

The Cost Share for Medicare Part B is as follows:

Annual Deductible– You will be responsible for the first $240.00 of your Medical coverage. 
Cost Share– After the deductible has been satisfied Medicare will then pick up 80% of all costs and you are responsible for the 20% coinsurance. Care should be taken when considering using Part B alone without Health Insurance. Considering Cancer Treatments like Chemo Therapy can run in the Hundreds of Thousands and the 20% coinsurance could be astronomical.
Talk to your Medicare Advisor, he’ll guide you to the plan that’s appropriate for your individual needs and help put a plan in place to limit your annual Medical costs.

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