Part B of Medicare does have an extra premium. For most people joining Medicare this year, 2023 the monthly premium is $164.90. It was actually lowered this year! It can be more or less depending on your income. If you make under a certain amount of money, the State will pay for either all or part of your Part B.
If you are a higher income earner, you will have to pay more. This is called IRMAA, Income Related Monthly Adjustment Amount. This is calculated on your income 2 years ago. To start, if your income was over $98,000 an an individual filer or if you filed jointly and it was over $195,000, you will pay more. This amount is adjusted yearly so as your income drops, so will your premium. You can read more about IRMAA Here on the Medicare website or HERE on our blog.
Part B of Medicare is considered Dr. Insurance and covers
- Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
- Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.
- Clinical research
- Ambulance services
- Durable medical equipment (DME)
- Mental health
- Inpatient
- Outpatient
- Partial hospitalization
- Limited outpatient prescription drugs
You pay nothing for most preventive services if you get the services from a health care provider who accepts Medicare Assignment.
Again, if you have no other insurance, you can expect co pays and deductibles with no cap!!