Medicare Part B is a type of health insurance that covers medical services and supplies such as doctor visits, lab tests, and preventive screenings. It is a critical component of the Medicare program, which provides health coverage for individuals over the age of 65 and younger adults with certain disabilities. Each year, the cost of Medicare Part B changes, and it is important to understand what these costs are and how they may impact your finances and healthcare.
What is the Standard Monthly Premium for Medicare Part B in 2019?
The standard monthly premium for Medicare Part B in 2019 is $135.50. This amount is based on your income level and is subject to change based on your modified adjusted gross income (MAGI). If you earn more than $85,000 as an individual or $170,000 as a couple, you may be subject to an Income-Related Monthly Adjustment Amount (IRMAA), which will increase your premium above the standard amount.
How Much Could the IRMAA Increase My Monthly Premium?
The IRMAA can increase your monthly premium by anywhere from $54.10 to $325.00 per month, depending on your income level. If your income is above $500,000 as an individual or $750,000 as a couple, your monthly premium could go up as high as $460.50 per month. It is important to note that the IRMAA only applies to Medicare Part B premiums and not other parts of Medicare or Medicare Supplement plans.
What are the Deductibles for Medicare Part B in 2019?
In 2019, the Medicare Part B deductible is $185 per year. This means that you will pay $185 out of pocket before your Medicare Part B benefits begin. After you reach your deductible, you will typically be responsible for 20% of the Medicare-approved amount for most medical services and supplies.
Are There Any Exceptions to the Medicare Part B Deductible?
Yes, there are some exceptions to the Medicare Part B deductible. If you have a Medicare Supplement plan (also known as a Medigap plan), your plan may pay some or all of the Medicare Part B deductible on your behalf. Additionally, some preventive services such as flu shots and annual wellness visits do not require you to meet your deductible.
What is the Maximum Out-of-Pocket Cost for Medicare Part B in 2019?
In 2019, there is no maximum out-of-pocket cost for Medicare Part B. This means that there is no limit to the amount of money you could be responsible for paying out of pocket for medical services and supplies covered by Medicare Part B.
Are There Any Other Costs That I Should be Aware of?
- Coinsurance: After you meet your deductible, you will typically be responsible for 20% of the Medicare-approved amount for most medical services and supplies.
- Copayments: You may be required to pay a copayment for certain medical services and supplies, such as doctor visits and outpatient surgery.
- Excess charges: If you receive medical services from a healthcare provider who does not accept Medicare assignment, you may be responsible for paying the difference between the Medicare-approved amount and the amount that the healthcare provider charges.
What if I Cannot Afford the Cost of Medicare Part B?
If you cannot afford the cost of Medicare Part B, you may be eligible for various types of financial assistance, such as:
- Medicare Savings Programs: These programs provide financial assistance to help pay for Medicare premiums, deductibles, coinsurance, and copayments.
- Extra Help: This program helps pay for the costs of Medicare prescription drug coverage.
- State or local programs: Some states and local organizations offer assistance with Medicare costs.
Understanding the cost of Medicare Part B is critical for both your healthcare and your finances. It is essential to stay up-to-date on the changes in premiums, deductibles, and other out-of-pocket costs to ensure that you are receiving the best possible care at the most affordable price. If you have any questions about Medicare Part B or need help paying for your healthcare, do not hesitate to reach out to a licensed Medicare agent or state health insurance assistance program (SHIP) counselor.
Most Common Questions about Medicare Part B Cost in 2019
- Q: What is the standard monthly premium for Medicare Part B in 2019?
- A: The standard monthly premium for Medicare Part B in 2019 is $135.50, but it varies based on income level.
- Q: What is the deductible for Medicare Part B in 2019?
- A: The Medicare Part B deductible in 2019 is $185 per year.
- Q: Is there a maximum out-of-pocket cost for Medicare Part B in 2019?
- A: No, there is no maximum out-of-pocket cost for Medicare Part B in 2019.
- Q: How can I get help paying for the cost of Medicare Part B?
- A: You may be eligible for financial assistance such as Medicare Savings Programs, Extra Help, or state and local programs.
- Centers for Medicare & Medicaid Services. (n.d.). Medicare Costs at a Glance. Retrieved November 6, 2020, from https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
- Medicare.gov. (n.d.). IRMAA: Higher premiums for higher incomes. Retrieved November 6, 2020, from https://www.medicare.gov/your-medicare-costs/part-b-costs/irmaa
- Medicare.gov. (n.d.). Compare Medigap plans. Retrieved November 6, 2020, from https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
- Medicare.gov. (n.d.). Get help paying costs. Retrieved November 6, 2020, from https://www.medicare.gov/what-medicare-covers/get-help-paying-costs