Introduced by the United States government in 1965, Medicare is a health insurance plan available to all American citizens.
Medicare is divided into three parts, with each part covering various aspects of your healthcare.
Medicare Part A covers your hospital insurance while Medicare Part B covers your medical insurance.
But what are the differences between Part A and Part B of Medicare? And what is covered by each? Fortunately, we’re here to help you and to answer all of the questions you may have.
Medicare Part B: How much does it cost?
For a monthly 170.10 dollar premium, Part B covers your medical insurance with the amount subject to change each year.
The amount will also have to be paid if no Part-B services are claimed. There might also be a penalty applied if you don’t sign up for Part B when an individual is first eligible for Medicare (usually when they turn 65).
There is also a 233 dollar deductible that is due each year.
Finally Part B also includes a late enrolment penalty that might be applied for any of the following cases.
There’s a 10 percent extra tacked onto the cost if an individual could have signed up for Part B but didn’t. The Penalty is added to the monthly premium, though there might be a higher premium depending on the individual’s income.
The late fee isn’t a one-time penalty and the amount will include the penalty for as long as the individual uses the plan.
Finally, the penalty won’t be applied if the individual qualifies for a Special Enrolment Period. In order to qualify, the individual in question (or spouse) must still be working and you must have health coverage based on that job.
The cost for services is usually 20 percent of the cost for each Medicare-covered service or item after the deductible has been paid.