Medicare Part B Premium
Medicare Part B helps to pay for medical services and equipment that aren't covered by Medicare Part A. This article covers everything you need about Medicare Part B Premium.
Medicare Part B covers a number of things, including doctor visits, prescription drugs, physical therapy, home health care, and durable medical equipment. The government pays a large portion of the cost for providing Part B coverage. For most enrollees, it will pay 75 percent of the costs. However, some people will be responsible for paying the remaining 25 percent of the total cost. In order to avoid being hit with a big bill, it’s a good idea to make sure you’re covered at all times.
The amount you’ll pay for your Part B premium can fluctuate every year. For example, it may be lower next year than it was in the previous one. But if you don’t have enough money to pay the increased premium, you may qualify for additional help.
How much Does Medicare Part B Premium Cost?
Part B covers a lot of outpatient care. This includes outpatient therapy, X-rays, stitches, and casts. However, you may have to pay additional copays if you need to use outpatient services.
There are three ways to get help paying for Part B: Medicaid, Medicare Advantage Plans, and the Qualified Medicare Beneficiary program. These programs vary by state. Each has its own rules and limitations. So, How much does Medicare Part B Premium Cost? Let’s take a look
Important: Most people pay the standard Part B monthly premium of $164.90 in 2023. Social Security will tell you the amount you’ll pay for Part B in 2023.
Medicare Part B (Medical Insurance) Costs
|If your yearly income in 2021 was|
|File individual tax return||File joint tax return||File married & separate tax return||You pay (in 2023)|
|$97,000 or less||$194,000 or less||$97,000 or less||$164.90|
|above $97,000 up to $123,000||above $194,000 up to $246,000||not applicable||$230.80|
|above $123,000 up to $153,000||above $246,000 up to $306,000||not applicable||$329.70|
|above $153,000 up to $183,000||above $306,000 up to $366,000||not applicable||$428.60|
|above $183,000 and less than $500,000||above $366,000 and less than $750,000||above $97,000 and less than $403,000||$527.50|
|$500,000 or above||$750,000 or above||$403,000 or above||$560.50|
2023 Part B deductible—$226 before Original Medicare starts to pay