Costs Involved in Medicare Part B

Depending on the plan you choose and the type of care you require, the costs involved in your Medicare Part B coverage can vary significantly. However, there are a few general cost categories to consider when planning for your expenses.

One of the first things to keep in mind are the premiums you will be required to pay.  While Part A in the Original Medicare doesn’t typically require a montly premium, Part B does.  This year, the standard premium is $96.40, although it may be higher if you make more than $82,000 per year individually or $164,000 together with your spouse. Your premium may also be 10% higher if you did not enroll in Part B when you were first eligible.  In order to collect Part B benefits, you will usually also need to pay a yearly deductible before receiving any coverage.  This year, the deductible is $135.

The care you require will also have an effect on your costs.  Some services are denoted as “no cost” services; these are free for you.  For many other services, you need to pay a coinsurance.  Usually, this coinsurance is 20% of the approved Medicare amount.  Sometimes, you may be required to pay a copayment, which is a set fee for a service, such as a doctor’s visit.

If you qualify for extra help, your costs may be much lower. Research your options carefully, and don’t hesitate to ask your State Health Insurance Assistance Program for help.