Medicare Part B

Medicare Part B

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Medicare Part B

B provides coverage for services medically necessary to help diagnose and treat your medical condition. This can include preventative services, outpatient care, ambulance services, durable medical equipment, screening exams, certain prescription medications and intermittent home health services.  

Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS. 

The standard Part B premium amount in 2024 is $174.70. 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.
If your filing Status and yearly income in 2022 was You pay each month (in 2024)
File individual tax return File joint tax return
$103,000 or less $206,000 or less $174.70
above $103,000 up to $129,000 above $206,000 up to $258,000 $244.60
above $129,000 up to $161,000 above $258,000 up to $322,000 $349.40
above $161,000 up to $193,000 above $322,000 up to $386,000 $454.20
above $193,000 and less than $500,000 above $386,000 and less than $750,000 $559.00
$500,000 or above $750,000 and above $594.00

Before Medicare Part B will pay for your covered services or equipment, you will have an annual deductible to meet. The annual Part B deductible for 2024 is $240. You will also be responsible for 20% of the remaining costs even after meeting your annual deductible. The remaining 20% of costs has no limit or cap. You also may be responsible for any excess charges a facility or provider charges beyond what Medicare normally pays.  

Preventative services can include things such as your annual wellness visit, to help prevent illness, and flu shots. Health screenings such as those for cardiovascular disease, colorectal cancer, and diabetes can help detect conditions early so treatment is more effective. Doctor ordered laboratory test and x-rays can be covered under Part B.

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Outpatient care can be for stays in hospitals or medical facilities for less than 24 hours. Some homebound services administered by Medicare certified skilled nurses, therapists or physicians can be covered. Rehabilitative services including physical therapy, occupational therapy and speech language pathology administered by Medicare approved providers can be covered.

Durable medical equipment for supplies serving a medical purpose can be covered. Glucose test strips, blood sugar testing monitors, glucose solutions and infusion pumps to treat diabetes are some of the items that can be covered under Part B. Mobility devices such as crutches, canes, walkers, wheelchairs and scooters are also considered durable medical equipment devices. You do want to make sure your doctor and DME supplier accepts Medicare assignment in order for Medicare to help cover these expenses.

Medicare Part B covers ground ambulance services to the nearest appropriate facility, when you need to be transported to a hospital, critical access hospital or skilled nursing facility. Medicare may pay for airplane or helicopter transportation if you need immediate and rapid transportation to a medical facility and ground transportation is not feasible. 

A limited number of outpatient prescription drugs are covered under Part B. Usually these are drugs you wouldn’t normally give to yourself and would instead get in a doctor’s office. Injectable and infused medications, immunosuppressants, vaccinations and select dialysis are some of these types of prescriptions normally administered by a physician.  Call us for more information today.

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