Medicare Part B - Medical Insurance
Medicare Part B is a part of Original Medicare, covering medical services and supplies outside of hospital care, except for prescription drugs (which are covered under Part D). Think of Part B as your coverage for outpatient care and services provided by physicians.


Medicare Part B covers a broad range of services, including:
Doctor Visits: Both primary care and specialists
Emergency Room/Urgent Care: Immediate care for unexpected illnesses or injuries
Diagnostic Tests: X-rays, MRIs, and lab tests
Preventive Services: Routine screenings and vaccinations
Durable Medical Equipment (DME): Items like casts, crutches, and diabetes test strips
Certain Injectable Medications: Administered at a doctor's office or hospital
 

Cost of Medicare Part B
Most beneficiaries will pay a standard monthly premium of $174.70 in 2024. This amount may increase annually. Higher earners will pay an additional Income Related Monthly Adjustment Amount (IRMAA), based on their income from 2022:

Cost Sharing for Medicare Part B
In 2024, you must meet an annual deductible of $240 before Medicare Part B starts covering your medical expenses. After meeting the deductible, Medicare Part B will cover 80% of medically necessary services from providers who accept Medicare.

Cost Sharing Breakdown:
Deductible: $240 per year
Coinsurance: Medicare covers 80%, and you are responsible for the remaining 20%
 

Important Considerations
No Out-of-Pocket Limit: There is no maximum out-of-pocket limit for the 20% coinsurance, meaning you will continue to pay 20% regardless of how high the costs go.

​

Late Enrollment Penalty: Failing to enroll in Part B when first eligible can result in a lifetime penalty, increasing your premiums by 10% for each 12-month period you delayed enrollment without creditable coverage.

Late Enrollment and Special Enrollment Periods
If you miss your Initial Enrollment Period, you can enroll during the General Enrollment Period from January 1 to March 31 each year, with coverage starting the following month. If you had employer group health coverage from a company with 20 or more employees, you have a Special Enrollment Period lasting eight months after leaving that coverage to sign up without penalty.

Protecting Against High Medical Costs
To avoid substantial out-of-pocket expenses, consider purchasing a Medicare supplement plan to cover the gaps left by Parts A and B. Alternatively, Medicare Advantage plans can offer A and B benefits through private insurers with potentially smaller networks.