Medicare Part B, or Medical Insurance, is crucial to your overall healthcare coverage. It complements Part A (Hospital Insurance) by covering outpatient services and supplies:
More: What Does Medicare Part B Cover?
What’s Covered:
- Doctor and other healthcare provider services: This includes visits to doctors, specialists, physical and occupational therapists, and other licensed professionals.
- Outpatient care: This encompasses services received outside of a hospital setting, such as diagnostic tests, laboratory work, X-rays, and surgeries performed in an outpatient facility.
- Durable medical equipment (DME): This includes wheelchairs, walkers, oxygen tanks, and other equipment deemed medically necessary for home use.
- Home health care: If you require skilled nursing or therapy services at home after an illness or injury, Part B may cover these services.
- Preventive services: Many preventive screenings, shots, vaccines, and yearly “Wellness” visits are covered with no coinsurance.
- Mental health services: Part B covers outpatient mental health services, including therapy, counseling, and diagnostic evaluations.
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Here Are the Costs:
- Monthly premium: You’ll pay a monthly premium for Part B coverage, regardless of whether you use any services. In 2023, the standard premium is $170.10.
- Deductible: You must meet an annual deductible before Medicare begins paying its share of covered services. In 2023, the deductible is $233.
- Coinsurance: Once you meet the deductible, you’ll typically be responsible for 20% of the Medicare-approved amount for covered services.
- Excess charges: Some providers may charge more than the Medicare-approved amount, and you’ll be responsible for the difference.
Important:
- Part B doesn’t cover prescription drugs. You’ll need a separate Medicare Part D plan for that.
- Part B doesn’t cover long-term care, dental care, vision care, or hearing aids.
- You can choose “Original Medicare” (Part A and B) or opt for Medicare Advantage plans, which combine Parts A and B and often offer additional coverage.
Contact the agents at Diamond Insurance Solutions to learn more about the Medicare Part B plan.