What does Medicare Part B cover?
Medicare Part B - Medicare Part B provides coverage for medically necessary and preventative services such as physician and outpatient services, durable medical equipment (DME), ambulance, labs and imaging.
How much does Part B cost?
Part B Premium - Most people pay the 2021 standard Part B premium of $148.50 per month. However, if your reported income two years ago exceeded $88,000 for an individual or $176,000 for a married couple, an additional amount is applied to your monthly premium according to the following schedule:
$88,000 or less: $148.50
$88,000 up to $111,000: $207.90
$111,000 up to $138,000: $297.00
$138,000 up to $165,000: $386.10
$165,000 up to $500,000: $475.20
Above $500,000: $504.90
$176,000 or less: $148.50
$176,000 up to $222,000: $207.90
$222,000 up to $276,000: $297.00
$276,000 up to 330,000: $386.10
$330,000 up to $750,000 $475.20
Above $650,000: $504.90
Part B Deductible and Co-Insurance - In 2021, you pay $203 for your Part B deductible. After you meet that deductible, you typically pay 20% of all Medicare-approved amounts for Part B services such as:
Physician services (including services provided by physicians while you are hospitalized)
Durable Medical Equipment (DME)
How can I reduce the expenses related to Medicare Part B?
Medicare Supplement Plans - Medicare Part B deductibles and co-insurance costs can be reduced or eliminated through a Medicare supplement plan. There are different categories of these types of plans with coverage levels defined by Medicare so that insurance companies provide the same coverage level for each category. Various insurance companies may offer different premium amounts and added benefits. We can help you find a Medicare supplement plan in Colorado that fits your needs.
Medicare Advantage Plans - When you enroll in a Medicare Advantage plan, your Part B is covered by an insurance company. Many times, Part B deductibles and co-insurance costs are reduced or eliminated when you are enrolled in a Medicare Advantage plan and you may receive additional benefits that are not provided under standard Medicare. PrimeTime Advisors can help you locate Medicare Advantage plans in your area and help you enroll in a plan that supports your healthcare goals.