The coverage for inpatient stays and services that Medicare Part A provides is essential to keeping Americans financially secure as they get holder. However, it does not even come close to covering their medical expenses. This is because inpatient stays are not the only medical expenses older Americans have.
More often, your medical costs actually fall under the category of “outpatient services,” like your annual checkups. This is where Medicare Part B comes in. Part B helps cover the costs of preventive and medically necessary care. Read on to learn more about this part of the Medicare program.
Medicare Part B is the other half of Original Medicare, along with Part A. If you qualify for Part A, you likely qualify for Part B. This will help “round out” your coverage, since it will help you pay for inpatient and outpatient services.
However, even if you can sign up for premium-free Part A, you will have a monthly cost for Part B.
Your Part B premium amount will depend on your tax return from two years before you qualify for enrollment.
As of 2023, you will pay:
- $164.90 if you earned less than $97,000 alone or $194,000 jointly with spouse
- $230.80 if you earned between $97,000 and $123,000 alone
- $230.80 if you and your spouse earned between $194,000 and $246,000 jointly with spouse
- $329.70 if you earned between $123,000 and $153,000 alone
- $329.70 if you and your spouse earned between $246,000 and $306,000 jointly with spouse
- $428.60 if you earned between $153,000 and $183,000 alone
- $428.60 if you and your spouse earned between $306,000 and $366,000 jointly with spouse
- $527.50 if you earned between $183,000 and $500,000 alone
- $527.50 if you and your spouse earned more than $500,000 jointly with spouse
You can buy Part B without getting Part A coverage. But, if you are looking for comprehensive coverage with only one monthly payment, check out Medicare Advantage plans next.