Medicare Part B: What Does It Cover?
July 20, 2020 // By Kim Kozak
Medicare Part B: What Does It Cover?
Medicare Part B is the portion of Medicare that helps cover the cost of your medically necessary doctors’ services, outpatient care, home health services, durable medical equipment, mental health services, emergency room visits, and many preventative health services such as:
Physician services
Outpatient hospital services
Ambulance
Outpatient mental health
Laboratory services
Durable medical equipment (wheelchairs, oxygen, etc.)
Outpatient physical, occupational and speech-language therapy
Some preventative care
Emergency room
Medicare Part B: What Does It Cost?
Typically, Medicare Part B does have a monthly premium, paid by the consumer. Certain qualifying statuses related to financial need may also be available to help pay for your Part B premium and health care costs covered under Part B. If you do not qualify for extra help, the consumer will pay the premium regardless if you have only original Medicare, a Medicare supplement, or a Medicare Advantage or Part C plan. If you are receiving Social Security benefits and enrolled in Part B, your premiums will automatically be deducted from your Social Security before you receive it. If you are enrolled in Part B and not receiving Social Security benefits, Medicare should send you a paper bill for your premiums on a quarterly basis. You may also be required to pay more than the standard premium for Part B if your income exceeds the determined threshold. This is known as an IRMA (Income Related Monthly Adjustment) penalty. You must continue to pay the Part B premium to maintain your Part B coverage.
Part B also has an annual deductible of $198.00 (2020) and 20% co-insurance, which may be passed on to the consumer depending on your ability to qualify for extra help, whether or not you have additional coverage, and the coverage plan you’ve elected.
Choosing a Medicare health insurance plan can be complicated.
