Medicare Part B is the medical insurance piece of Original Medicare. Part B covers things like doctors’ visits, outpatient care, ambulance services, and more.
Monthly premium: Medicare Part B requires you to pay a monthly premium of $144.60 in 2020 (up $9.10 from $135.50 in 2019) if you make less than $87,000 a year. If your income is higher, you’ll pay more — up to $491.60 a month for the highest earners.
Annual deductible: $198 (up $13 from $185 in 2019)
The monthly Medicare Part B premium, which covers doctor visits, lab tests, and some preventative services, will go up about 7% to $144.60. The annual deductible is $198. Once your deductible is met, Part B generally pays 80% of the Medicare-approved amount for covered services.
You are responsible for the remaining 20% — and there is no maximum amount for out-of-pocket expenses. That means you could end up paying hundreds or even thousands of dollars if you need medical care. Also keep in mind that Medicare Part B does not pay for dental services, hearing, and vision.
A Medicare Supplement Plan can fill in the 20% gap.
Who’s eligible for Medicare Part B?
Most people are automatically eligible for Medicare Part B when they turn 65. However, you must be a U.S. citizen or a legal resident who has been living continuously in the U.S. for at least 5 years.
If you’re under 65, you may also be eligible for Part B if you have end-stage renal disease or ALS.
Medicare is known for its generous coverage when it comes to basic medical care costs. When it comes to coverage of dental, vision and hearing costs,
You have choices when selecting your Medicare coverage. Knowing the parts of Medicare will help you get the best coverage for you.
Medicare Part B is one of the two parts of Original Medicare. Original Medicare is managed by the Federal Government and is considered a fee-for-service