What is Medicare Part B?
According to the Centers for Medicare & Medicaid Services (CMS):
Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.
Part B is part of Original Medicare and covers some or all things that are medically necessary, such as outpatient, ER services, and ambulance rides. Part B also covers many preventive services, such as flu shots, diabetes screening, and mammograms. Here is a full list of Preventive Screening Services covered by Medicare Part B.
What is Not Covered by Medicare Part B:
Medicare Part B does not cover long term care, most dental, dentures, cosmetic surgery, acupuncture, hearing aids, routine foot care, or most dental. Supplemental coverage could cover these or you would have to pay out of pocket.
How Much is Medicare Part B?
Part B rates do increase from year to year. Part B premiums are based on income. Here’s the 2020 Part B premiums for high income beneficiaries according to CMS:
| Beneficiaries who file individual tax returns with income: | Beneficiaries who file joint tax returns with income: | Income-related monthly adjustment amount | Total monthly premium amount |
|---|---|---|---|
| Less than or equal to $87,000 | Less than or equal to $174,000 | $0.00 | $144.60 |
| Greater than $87,000 and less than or equal to $109,000 | Greater than $174,000 and less than or equal to $218,000 | 57.80 | 202.40 |
| Greater than $109,000 and less than or equal to $136,000 | Greater than $218,000 and less than or equal to $272,000 | 144.60 | 289.20 |
| Greater than $136,000 and less than or equal to $163,000 | Greater than $272,000 and less than or equal to $326,000 | 231.40 | 376.00 |
| Greater than $163,000 and less than $500,000 | Greater than $326,000 and less than $750,000 | 318.10 | 462.70 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | 347.00 | 491.60 |
| Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses: | Income-related monthly adjustment amount | Total monthly premium amount |
|---|---|---|
| Less than or equal to $87,000 | $0.00 | $144.60 |
| Greater than $87,000 and less than $413,000 | $318.10 | $462.70 |
| Greater than or equal to $413,000 | $347.00 | $491.60 |
When am I eligible to enroll in Medicare Part B?
You are eligible to sign up for Medicare Parts A and B over a 7-month window known as the Initial Enrollment Period (IEP):
- 3 months before the month you turn 65
- The month you turn 65
- 3 months after the month you turn 65
If you are receiving social security benefits before age 65 or a Medicare beneficiary due to a disability, you are typically automatically enrolled in Original Medicare (Parts A and B) as soon as you are eligible.
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