What does Medicare Part B cost?

What Does Medicare Part B Cost?

Medicare Part B is outpatient medical insurance offered by the federal government to United States citizens and legal immigrants.

Unlike Medicare Part A, Part B Medicare requires both a monthly premium and meeting a yearly deductible before you’re eligible to receive payments.

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Your monthly premium is based on your income level and when you enroll. You’re eligible to enroll in most cases when you turn 65. The normal Part B standard monthly premium is $134.00 if any of the following applies to you if:

  • You began Part B insurance in 2017
  • You have not yet received Social Security or Railroad Retirement Board benefits
  • You are eligible for both Medicare and Medicaid
  • You are directly billed for your Part B premium

Note that if you enroll if you enroll in Medicare Part B late you will have to pay a penalty. Premiums can also be higher depending on your income level. Calculations can be complex, but you can contact the Social Security Administration online at www.SocialSecurity.gov for help.

You can also do so at your local social security office or by calling the national hotline at 1-800-772-1213 (TTY users 1-800-0778) weekdays between 7AM and 7PM eastern time.

Medicare Part B – Coverage and Payments

Medicare Part B provides coverage for outpatient services to treat medical conditions, such as doctor’s visits, lab work, x-rays, outpatient surgeries, preventive services, and medical equipment. For individual services and supplies, your Medicare Part B costs may vary.

The annual deductible for Medicare Part B in 2017 is $183 per year. You have to meet this deductible before you’re eligible for most payments.

Some preventive services are completely covered without requiring you to meet your deductible, if your provider accepts Medicare assignment. After this deductible is met, you often pay about 20% of the Medicare-approved amount. You may also owe a copayment for certain outpatient services.