Medicare Part B: Medical Insurance
Medicare Part B is medical insurance and it generally pays 80% of the cost for doctor services and medical services as an inpatient, outpatient or even home health care. Outpatient care is not covered by Medicare Part A.
Medicare Part B is not free and most people pay somewhere around $104 per month. If you are in a higher income bracket, then your Part B premium will be higher.
What is the Difference Between Medicare Parts A and B?
Medicare Part A is hospital insurance. In layman’s terms, Part A covers very serious stuff. Part A covers you in a serious emergency or if you are in such bad shape that you need to stay at the hospital.
Medicare Part B, on the other hand, is medical insurance. It helps pay for preventative care or treatment if you are sick – even as an outpatient. This means that Medicare Part B covers you for the more common types of things, like visiting the doctor because you think you have strep throat or having an outpatient surgery to get a melanoma removed.
Part B even steps in and covers you for preventative services like mammograms or colonoscopies. In those scenarios, Medicare Part B pays for 80% of the cost for the doctor services.
What is the Medicare Part B Deductible?
Original Medicare – Part A and Part B combined – offers a very good base of health insurance. They’ll cover about 80% of your medical expenses after the deductible is met. Part B has a $166 per year deductible, so that means the total deductible between Part A and Part B is $1,454.
Most people prefer to avoid the deductible PLUS the extra 20% of expenses and opt to purchase Medicare Supplement Insurance.
* Montana Life Group is not connected with or endorsed by the U.S. Government or the federal Medicare program.
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