Medicare Part B premium is a fee charged to all people with Medicare. This is paid back to the general fund of the Treasury. The Medicare Part B premium is one of the more important line item expenses in retirement. You can pay your bill online with a credit card or mail it in. It’s often deducted from your Social Security benefit. Medicare part B is available to individuals aged 65 and older. It covers physicians and other health care services. Part B also covers durable medical equipment. Typically, Part B beneficiaries pay 20% of the cost of covered services.
Medicare Part B is designed to help pay for doctors’ services, outpatient therapy, and other health care costs. Most beneficiaries are responsible for deductibles and copays, but government coverage covers a substantial portion of the costs. CBO estimates that the savings from the premium decrease will be about $38 million in 2023 and $43 million in 2024. These savings will be offset by additional costs for some Medicare enrollees who are not eligible for a Medicare Advantage plan or have private health plans.
How Much Does Medicare Part B Cost?
Medicare Part B pays for physicians and other outpatient hospital services. Some of the types of services that are covered by Part B include outpatient therapy, outpatient rehabilitation, and durable medical equipment. In addition, Part B also pays for certain home health services and durable medical equipment.
The Part B premium has decreased four times over the past ten years. However, it’s possible for the cost to increase. Some enrollees may even be charged an income-related premium, which is calculated based on a modified adjusted gross income.
The standard monthly premium for Medicare Part B enrollees is $164.90 for 2023. There’sa decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023. There’s a decrease of $7 from the annual deductible of $233 in 2022.