What Is Medicare Part B? A Quick Review of Your Coverage & Costs TopicsPopular TopicsMost Recent Medicare Working Past 65 Lifestyle & Wellness Considering Retirement Existing Clients Employer Monthly Webinars Community Development What Is Medicare Part B? Medicare Part B is one of four parts in the Medicare system: A, B, C, and D. Medicare Part A and Part B make up Original Medicare. As your local advisor in Medicare, we’re here to explain the basics of Medicare Part B: what it covers, how much it costs, and other important items for you to know. What Does Medicare Part B Cover? Where Part A is hospital insurance, Part B is doctor’s insurance. It generally covers two types of medical services. First, Part B covers medically necessary services and supplies, such as outpatient doctor visits, tests, wheelchairs, and walkers. Second, it covers preventive services such as annual wellness exams or routine screenings. More examples of Part B covered services include: Ambulance services Mental health services Getting a second opinion before surgery Limited outpatient prescription drugs Is Medicare Part B Mandatory? Not technically. However, if you do not enroll when you are eligible at age 65 or take the proper steps to defer coverage, you can incur penalties that stick with you for life. Our advisors are here to help you navigate this process. If you’re nearing your Medicare eligibility or have questions about avoiding late enrollment penalties, email [email protected]. How Much Does Medicare Part B Cost? Medicare Part B has three associated costs: an annual deductible, a monthly premium, and coinsurance for covered medical services. Medicare Part B Costs in 2021 Annual deductible: $203 Monthly premium: $148.50 (for most Medicare enrollees) Coinsurance: 20 percent of the total cost of covered services You only pay the 20 percent coinsurance after meeting your annual deductible. At this point, Medicare will pick up 80 percent of your covered medical costs. Note that there is no cap on the 20 percent you are responsible for paying. Read more about how terms like deductible, premium, and other plan costs are defined on our blog. Keep in mind, the figures above are your costs apply if your only coverage is Original Medicare. One way to lower your out-of-pocket costs is by exploring your Medicare Advantage or Medicare Supplement plan options. Let our advisors do the research for you at no cost! Questions? Your Local Advisor in Medicare Has Answers If you have questions about your plan options or deferring Medicare Part B, contact our team of experts in Dayton and Cincinnati. You can email us at [email protected] or call us at 1-866-600-5638. We look forward to guiding you towards the right health coverage for your needs. Stay informed about Medicare An easy way to stay updated on Medicare and any important changes is to sign up for the free, customizable RetireMEDiQ newsletter. Based on your personal preferences and interests, helpful articles and community-related content will be sent directly to your inbox. Sign up for our newsletter Yes! Tell me more about Medicare and help me explore my options.Name First Last Email* Birthdate* MM slash DD slash YYYY Phone TypeMobileHomeWorkOtherMobile Phone*Home Phone*Work Phone*Other Phone*SMS Opt-In? Check here to receive text notifications from RetireMEDiQ Hiddenvidhidden HiddenAuthorization to Contact? PhoneThis field is for validation purposes and should be left unchanged. Providing your information in this form will allow RetireMEDiQ to communicate with you to help guide you through your Medicare journey and authorize RetireMEDiQ to send you appointment updates, alerts, and reminders via SMS/text messaging. Message and data rates may apply to any text messages sent by RetireMEDiQ.