Medicare Part B is optional for all beneficiaries. Part B is medical insurance and covers certain outpatient care such as doctor’s office visits, preventive care, medical equipment and other qualified services.
In 2021, the standard Part B premium is $148.50 per month, but not everyone pays the same Part B costs.
In this guide, we break down the costs of Medicare Part B in 2021 so that you can understand more about this type of Medicare coverage.
Medicare Part B provides coverage for doctor visits and a variety of other medical services, along with durable medical equipment (DME).
Part B coverage extends to preventive services such as:
Learn more about the types of services, supplies and care that are covered by Part B.
Medicare Part B services can include several different types of expenses, including, but not limited to:
Learn more about each of these types of Part B costs in 2021 below.
Some Medicare beneficiaries might pay more or less than the standard Part B premium in 2021 due to a few factors.
The chart below outlines the 2021 Part B premiums for beneficiaries affected by IRMAA based on their 2019 income.
2019 Individual tax return | 2019 Joint tax return | 2019 Married and separate tax return | 2021 Part B monthly premium |
---|---|---|---|
$88,000 or less |
$176,000 or less |
$88,000 or less |
$148.50 |
More than $88,000 and up to $111,000 |
More than $176,000 and up to $222,000 |
N/A |
$207.90 |
More than $111,000 up to $138,000 |
More than $222,000 up to $276,000 |
N/A |
$297.00 |
More than $138,000 up to $165,000 |
More than $276,000 up to $330,000 |
N/A |
$386.10 |
More than $165,000 up to $500,000 |
More than $330,000 up to $750,000 |
More than $88,000 up to $412,000 |
$475.20 |
More than or equal to $500,000 |
More than or equal to $750,000 |
More than or equal to $412,000 |
$504.90 |
Part B beneficiaries must pay the first $203 of covered Part B services out of their own pocket before their Part B coverage kicks in in 2021. This is considered the Part B deductible.
The Part B deductible is annual, meaning it resets with each calendar year.
Example: The first time you receive services or items that are covered by Part B during the year, you are billed for $300. You must pay the first $203 of that bill out of your own pocket. Your Part B coverage is then applied to the remaining $97 of the bill.
You have now met your deductible for the year. You will not have to pay anything more towards your Part B deductible until the following year when the deductible resets.
Your Medicare Part B coinsurance or copayment is the amount that you have to pay for covered services after meeting your annual deductible. The standard Part B coinsurance for most services and items is 20 percent of the Medicare-approved amount.
Using the example from above, you would likely be required to pay 20 percent of the $97 that was left over after you met your Part B deductible. This 20 percent would equal around $19.
In this example, your total spending for your $300 bill would be $222 (the $203 deductible plus the $19 coinsurance payment).
The premium, deductible and coinsurance are the three main expenses associated with Medicare Part B.
But there are two additional costs that Part B beneficiaries might face.
Read additional medicare costs guides to learn more about Medicare costs and how they will affect you.
You may be able to find a $0 premium Medicare Advantage plan in your area.
Medicare Advantage (Medicare Part C) offers the same benefits covered by Original Medicare (Part A and Part B), and some Medicare Advantage plans also cover prescription drugs and other benefits such as routine dental care.
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