Medicare Part B covers ambulance services, doctor visits, lab tests, and certain medical equipment.
In contrast to Part A, which is available to many people at no cost, those who sign up for Part B pay monthly premiums.
Open enrollment for Medicare begins three months before the month of your 65th birthday, and continues for three months afterwards.
Part B also requires a deductible and coinsurance.
Medicare consists of two main parts: Part A and Part B. If you are eligible and age 65 or older, you typically qualify for Medicare Part A, which covers many hospital-related expenses such as: hospice, skilled nursing facilities, and hospital stays. However, Part A does not cover custodial care.
Medicare Part B, on the other hand, is optional and helps pay for other outpatient services like doctor visits. In addition, it can help pay for ambulance services, preventive services, mental health costs, and durable medical equipment.
The monthly premium is contingent on your modified adjusted gross income dating back two years in the past. Therefore, you would look at your 2019 income to determine your 2021 premiums. This information can be found on your federal tax returns.
$88,000 or less
$176,000 or less
$88,000 or less
$148.50
Above $88,000 up to $111,000
Above $176,000 up to $222,000
N/A
$207.90
Above $111,000 up to $138,000
Above $222,000 up to $276,000
N/A
$297.00
Above $138,000 up to $165,000
Above $276,000 up to $330,000
N/A
$386.10
Above $165,000 and less than $500,000
Above $330,000 and less than $750,000
Above $88,000 and less than $412,000
$475.20
$500,000 and above
$750,000 and above
$412,000 and above
$504.90
Source: Medicare.gov
Part B coverage has a deductible of $203 in 2021. After you meet the deductible, you typically pay 20% of the Medicare-approved amount for covered services. This is known as coinsurance. Medicare helps individuals when they may have serious health problems but lack funding for treatment.
Medicare Part B premiums are monthly fees that Medicare beneficiaries pay for insurance that covers medically necessary services and preventive services that aren’t covered by Medicare Part A. Part B covers things like ambulance services, doctor visits, lab work, and medical equipment. By contrast, most people don’t have to pay a premium for Medicare Part A.
In general, Medicare is available to U.S. citizens and permanent legal residents who:
In most cases, if you don't enroll in Part B when you first become eligible, you'll owe a late enrollment penalty each month for as long as you have Part B and could have a gap in your health insurance. In other words, you will permanently pay more for Medicare Part B if you don’t sign up in time.
