What is the cost of Medicare Part B?
Your share of Medicare Part B costs includes a monthly premium, an annual deductible and co-insurance for most services. Medicare sets the amount for each of these every year.
Medicare also decides how much it is willing to pay for specific medical services and procedures. The amount Part B will pay is called the Medicare-approved amount . Your Part B co-insurance is based on the Medicare-approved amount.
There are no limits on your out-of-pocket spending with Part B. Your expenses could be substantial if you have a chronic condition or serious illness.
2016 Part B Costs
- $104.90 up to $335.70 per month depending on your income and tax filing status
- 20% of the Medicare-approved amount for most covered services
- 20% of the Medicare-approved amount for durable medical equipment, such as a walker or wheelchair
- 35% of the Medicare-approved amount for most outpatient mental health care
Here are some examples of how Part B cost sharing might work.
Ellen's story: Doctor accepts Medicare assignment
Roger's story: Doctor does not accept Medicare assignment