The other main portion of the Original Medicare program is Medicare Part B, which covers the cost of outpatient services. Unfortunately, there is no Part P plan that is free even if you have Medicare eligibility for a premium-free plan despite your work history or how much you have paid towards Medicare in taxes.
The price of your monthly premium will be different depending on how much money you earned in the two years prior to your enrollment.
By enrolling in Medicare Part B, you can round out your healthcare coverage to include outpatient services in addition to the inpatient coverage provided by Part A. In 2023, the cost of the premiums for Medicare Part B are:
- $164.90 if you file an individual tax return with an income of $97,000 or less.
- $230.80 if you file an individual tax return with an income between $97,000 and $123,000.
- $329.70 if you file an individual tax return with an income between $123,000 and $153,000.
- $428.60 if you file an individual tax return with an income between $153,000 and $183,000.
- $527.50 if you file an individual tax return with an income between $183,000 and $500,000.
- $560.50 if you file an individual tax return with an income of over $500,000.
The deductible for this government health insurance plan is $226, and you will typically be required to pay 20 percent of the cost of your required services. Outpatient services such as medically necessary services and supplies are covered by this plan.
Medicare Part B also includes certain costs related to diagnosing and treating health care conditions in addition to preventative services. Preventative services are typically for pretreatments that can help prevent illnesses such as the flu shot. Early detection treatments such as cancer testing are also considered preventative services in some cases.
Outpatient services can also include rehabilitation programs such as drug or alcohol rehab and physical therapy. These services cost less than inpatient services because you do not need to stay overnight. Staff members at outpatient centers are well trained and typically specialize in one form of treatment or procedure.
Mental health, high-quality medical equipment, and ambulance services are also covered under the umbrella of Medicare Part B. Prescription medications that are administered by your doctor will also be covered. However, if you want a health insurance plan that helps to cover the cost of prescription drugs, you will need to sign up for Medicare Part D.