Blog Posts, Medicare

What is Medicare Part B?

What is Covered Under Medicare Part B?

Generally, Medicare Part B covers medically necessary services and preventative services.  This includes a variety of outpatient medical services and certain services in hospitals.  For example, Medicare Part B covers or partially covers medically necessary ambulance services, diagnostic lab tests, chemotherapy, physical therapy, and surgical procedures.

What if I Have Medicare Advantage?

If you have a Medicare Advantage Plan or a different Medicare plan, your plan may have different guidelines.  However, your plan must have at least equivalent coverage as an Original Medicare plan.

How Much Does Medicare Part B Cost?

Most individuals pay the standard Medicare Part B premium amount of $144.60.  If your modified adjusted gross income is above certain levels, there may be an adjustment amount you are also required to pay.  Medicare uses your modified adjusted gross income from 2 years ago to determine the premiums you must pay in the current year.  The chart below demonstrates how this is determined.

How Do I Pay for Medicare Part B?

You must pay a monthly premium for Medicare Part B.  If you receive social security, railroad retirement benefits, or Office of Personnel Management benefits, your premium will be deducted from your benefit payment.

If you don’t receive any of those benefits, you will receive a bill.

How Does Medicare Fit into My Retirement Plan?

Let’s talk about getting ready for retirement and how Medicare impacts your plan.  SFA offers wealth management solutions that incorporate retirement planning, investment management and Medicare / Social Security optimization.   Ready to get started?  Send us a message.

For more information, please visit the Medicare website.

If you have comments, please feel free to send us a message.

This article was written by Shoreline Financial Advisors. To learn more about us, please visit our website.

The information contained on this Website is not intended as, and shall not be understood or construed as, financial, tax, or professional advice. The information contained on this Website is not a substitute for any advice from a professional who is aware of the facts and circumstances of your individual situation.

We have done our best to ensure that the information provided on this Website and the resources available for download are accurate. Regardless of anything to the contrary, nothing available on or through this Website should be understood as a recommendation.  Neither the Company nor any of its employees or owners shall be held liable or responsible for any errors or omissions on this website.

Leave a Reply