Medicare Part B
Part B Coverage
Medicare Part B is the part of Medicare that focuses on covering outpatient services, tests, and equipment. It also covers preventive services, such as counseling and education, screenings, and vaccines.
The different categories of services described above are billed differently. Expect to pay 20% of the Medicare-approved amount for outpatient services, tests, and equipment. Preventive services, however, are often free as long as you use a Medicare-approved provider.
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Costs of Part B
Part B costs include a monthly premium, a yearly deductible, and the remaining out-of-pocket expenses. The Part B monthly premium in 2020 was $144.60. In 2020, the deductible for part B was $198. After you meet the deductible, Medicare covers 80% of the cost, and you have to pay the remaining 20%. Unfortunately, there’s no limit on your out-of-pocket expenses with Part B on Original Medicare. That means you could end up paying an unlimited amount of money if the remaining 20% begins to add up. However, you could buy a Medicare Supplement Plan to cover those costs.
Summary
Medicare Part B covers outpatient and preventive services. While it covers almost all preventive services, it typically only pays about 80% of other outpatient services. Unless you buy a Medicare Supplement Plan or a Medicare Advantage Plan with a yearly limit, you’ll be liable for those costs. To learn more about Medicare Part B, contact us at Modern Senior Benefits.
