Medicare Part B | Rooted Insurance

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Medicare Part B (Medical)

Medicare Part B 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.

Medicare Part B covers 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.

2020 Part B premium

The standard Part B premium amount in 2020 is $144.60. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

2020 Part B Coinsurance & Deductible

Part B deductible in 2020 is $198 

 

After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment. 

Late enrollment penalty: 

In most cases, if you don't sign up for Part B when you're first eligible, you'll have to pay a late enrollment penalty. You'll have to pay this penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% of the standard premium for each full 12-month period that you could have had Part B, but didn't sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B. Coverage will start July 1 of that year.

2020 Part B Coinsurance & Deductible

Part B deductible in 2020 is $198 

 

After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment. 

Read about Medicare Part C here.

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Medicare has neither reviewed nor endorsed this information. Not connected with or endorsed by the United States government or the federal Medicare program.
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