Part B also covers home healthcare, ambulance rides, and some chiropractic care.
What Does Medicare Part B Cover?
Signing up for Medicare Part B is easy, quick, and can be done when you sign up for Medicare benefits.
Medicare Part B covers up to 80% of costs for:
- Doctor visits
- Outpatient medical services (such as lab testing)
- Preventive services (such as flu shots, colonoscopies, and mammograms)
- Home healthcare
- Ambulance rides
- Chiropractic care
- Some surgeries
- Diagnostic imaging
- Prescribed durable medical equipment
- Drugs administered in a clinical setting (such as Osteoporosis injections, insulin used with a pump, etc.)
- Other medically necessary services
What Does Medicare Part B Not Cover?
There are numerous health care necessities that are not covered by Medicare Part B. These include:
- Hospital visits (these are covered under Part A)
- Skilled nursing care
- Hospice care
- Prescription drugs
- Cosmetic procedures
- Foot care
What is the Cost of Medicare Part B?
Medicare Part B is entirely optional, but highly recommended, for those whose primary health coverage comes through Medicare. If you want to obtain Medigap coverage, or you decide on a Medicare Advantage Part C plan, you also need to sign up for Medicare Part B.
Medicare Part B comes with a monthly premium and an annual deductible.
Medicare Part B Premiums 2020
The standard monthly premium begins at a base rate of $144.60 in 2020. People in high income brackets will pay increased premiums. If you enroll late, you will also face an increased premium penalty.
In order to get the most cost-effective Part B premiums, it is essential for you to sign up during your Initial Enrollment Period or Special Enrollment Period.
In order to get the most cost-effective Part B premiums, it is essential for you to sign up during your Initial Enrollment Period or Special Enrollment Period. If you are eligible to enroll in Medicare in 2020 but wait to enroll in Part B, your monthly premium may increase by 10% each year you delay.
Below is a graphic of the Medicare Part B premium penalty schedule. Remember that the penalty applies for your entire lifespan, so the longer you wait to sign up, the more you will pay on a permanent basis.