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


Mike Miligi- Owner- Michael M Insurance Services

For over 10 years Mike has been assisting Seniors and other Medicare eligible individuals understand the ins and outs of Medicare and Medicare Health Insurance options including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(PartD) and Dental and Vision programs.

Mike is Licensed in 7 States and Certified with 11 Insurance Carriers and has helped thousands of individuals decide on the best course of action for their particular Health Insurance needs. Because Mike is an Independent Medicare Health Insurance Broker, he works for the client not the Insurance Carriers and is able to provide his clients with accurate and unbiased Health Insurance options.

Mike recertifies with CMS(The Centers for Medicare and Medicaid Services) annually, regularly completes Continuing Education Courses required by individual State Insurance Departments and keeps abreast of industry trends and standards to offer his clients the most up to date information available.

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