Medicare Part B Costs? Medicare Part B is part of the original Medicare. Original Medicare is made up of Part A (hospitals) and Part B (doctor/outpatient services) When we are discussing Medicare Part B Costs, we have to consider both the premium and the deductible. This year Part B have had an increase both in the premium and the deductible in 2017.
The price you pay depends on if you are getting your Social Security benefits when you turn 65 or not. If you are already getting a Social Security check or you’re planning to take your benefits as of your 65th birthday, you’re going to pay a slightly smaller premium. When you make it easy first for them to take it out of your Social Security check, you’re going to pay on average a $109 a month. They’ll take it right out before you even see it. You do not have to take your benefits at age 65 as you know. If you choose not to take your Social Security benefits at 65, you will just pay a little bit more. That amount at the time of this video is $134.
There are 4 ways to pay your Part B premium. They try to make it easy for you when you get your bill. They’ll give you different ways to pay it. You can do it to their Easy Pay, set up an online bank transfer to make it monthly. You can pay by credit card on the bottom of the slip they send you. Or you can send a check by mail. So that’s the premium for Part B which is outpatient services/doctor visits.
Medicare Part B costs include the deductible. The deductible has gone up in 2017 to $183 annually. Last year it was $166. So again the $183 is for doctor deductibles or outpatient Part B. If you just have Original Medicare which is Part A and Part B & nothing else, you will pay 20% coinsurance. There is no cap and no limits on this amount. Since that could be substantial, most folks get a Medicare Supplement. The Supplement goes hand in hand with Original Medicare.
You’ll see here on the screen what Medicare Supplements will cover. It’s a monthly premium amount that you choose. You can just decide what benefits you want. Most popular at the time of this video is Plan F and Plan G. There’s only one small difference between Plan F & Plan G. Plan G you have to pay the deductible of $183 annually. Plan F there is no deductible. That’s the only difference between the Plan F and Plan G . You see here on the screen everything it covers. So with Supplement in general and this is just a short summary of it and you see here on the screen everything.
Medicare Supplements gives you the freedom to choose your doctors, & there’s no copays (Plan F & Plan G). There’s no huge amount like Medicare Advantage’s maximum out of pocket of $6700 each year. You can go to Mayo Clinic, there’s no restrictions on either Mayo Clinic or MD Anderson. You can travel with your Medicare Supplement.
Very importantly there’s no one behind the scenes and there’s no one saying “Well Mr. Jones you can have this procedure but you can’t have that.” The supplement company has to follow directly behind Medicare. If it is a normal Medicare approved procedure and your doctor says you need it, there’s no one that can say that you can’t have it done. Keep in mind that we are not talking about acupuncture or vitamins etc.
Thank you for checking out Part B costs in Medicare. If you have any questions at all please feel free to give us a call. We’re happy to help with anything Medicare. Of course our services are free. Our number is (888) 506-7510. But if you are like so many folks that have questions about Medicare have a look at our 6-Part Medicare mini course. You’ll find that at www.GetMedicareSavings.com.