Home Resources Our blog Understanding Medicare Part B: Medical Insurance
Original Medicare
//
May 15, 2024

Understanding Medicare Part B: Medical Insurance

medicare part b; old man on phone

Part B is an essential component of the Medicare program that covers a broad range of outpatient medical services.

What Does Medicare Part B Cover?
Medicare Part B covers two main types of services: medically necessary services and preventive services. Medically necessary services are those needed to diagnose or treat a medical condition and meet accepted standards of medical practice. Preventive services include health care to prevent illness (like the flu) or detect it at an early stage when treatment is most likely to work best.

Key services covered under Part B include, but are not limited to:
– Doctor visits
– Outpatient care
– Home health services
– Durable medical equipment (DME)
– Many preventive services, such as screenings and vaccines
– Laboratory tests and X-rays
– Some outpatient prescription drugs

Part B Costs
Part B has a standard monthly premium, but you could pay more depending on your income. In addition to the premium, beneficiaries are responsible for an annual deductible and 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and DME after meeting the deductible.

Why Is Part B Important?
Medicare Part B provides access to a wide range of medical services and preventive care. This coverage helps manage and reduce the long-term costs associated with untreated conditions and supports a proactive approach to healthcare.

Is Part B enough on its own?

Part B was never intended to cover all your medical needs. For more robust coverage, it is best to consider additional insurance options such as a Medicare Advantage plan or Medicare Supplement plan (Medigap) to help offset your out-of-pocket expenses. This is because when you have Part B alone there is no cap on medical expenses. So, let’s say you need chemotherapy; with Part B you will pay 20% of the cost of chemotherapy after your deductible is met, with no annual maximum.

It is always wise to consult with a licensed insurance agent to weigh out all your options. At AMAC, we have a team of Medicare advisors ready to help you navigate the complexities of Medicare! If you are wondering which direction to take, give us a call today for a free consultation – Call 888-643-8585 now or click the button below for a call back!

Request a call!

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