Medicare Part B covers doctor and other health care provider services and outpatient care. This can also include medical equipment (known as Durable Medical Equipment or DME), home health care and some preventative health options.
How Much Does Medicare Part B Cost?
There is a monthly premium associated with Medicare Part B. For individuals making less than $85,000 OR couples making less than $170,000, the monthly premium averages around $135. For those with higher incomes, the cost can range as high as $460 per month.
Make Sure Your Health Care Providers Accept Assignment!
This crucial to keeping your Medicare Part B costs down. You will want to make sure your doctor(s)/providers will “accept assignment,” essentially they will agree to accept the amount that Medicare will pay for a visit or service as payment in full.
If you provider or doctor will not accept assignment, they can charge you more, up to 15% more than the Medicare Approved Amount!
Make Sure Your Doctor/Provided Hasn’t Opted Out Of The Medicare Program
Providers can opt out of the Medicare program. These providers can charge whatever they want for visits or services and Medicare will simply not cover them. Providers should have you sign a contract that states this.
How Much Are Deductibles Under Medicare Part B?
You will pay an annual deductible of around $185 for Medicare Part B. Low income individuals may be eligible to waive this yearly cost.
How Much Are Coinsurance Under Medicare Part B?
Once your deductible is met, you will pay 20% of approved Medicare Part B services.
That’s the basics on how much does Medicare Part B cost. Check out more info on Medicare costs here…
More on Medicare Costs
This is part of our ongoing series: How much does Medicare cost?
Read the next article in the series: How much does Medicare Part A cost?