The other half of Original Medicare is Part B. Unlike Part A, there is no premium-free option regardless of how much you paid in taxes. The cost of your premium will depend on how much you earned two years before you enrolled.
Medicare Part B helps “round out” your overall healthcare coverage. This is because it is meant to cover outpatient services, while Part A covers inpatient services (or services that take place in a hospital). Read on to learn more about Medicare Part B and how it works.
As of 2023, the premiums for Medicare Part B are as follows:
- $164.90 if you file an individual tax return of $97,000 or less
- $230.80 if you file an individual tax return between $97,000 and $123,000
- $329.70 if you file an individual tax return between $123,000 and $153,000
- $428.60 if you file an individual tax return between $153,000 and $183,000
- $527.50 if you file an individual tax return between $183,000 and $500,000
- $560.50 if you file an individual tax return more than $500,000
The deductible is $226, and you usually pay 20 percent of the fees for covered services. Medicare Part B health insurance covers outpatient services, such as medically necessary services and supplies.
These costs are those that relate to the diagnosis and treatment of a health care condition.
Part B also helps cover preventive services. These expenses are for pre-treatment that prevents illness, like getting a flu shot. It can also include early detection treatments.
Mental health, durable medical equipment, and ambulance services are also covered under Part B. However, it only covers prescriptions that your doctor administers.
If you want prescription drug coverage with your Original Medicare, you will need to also sign up for Medicare Part D.