Medicare Part B is optional for all beneficiaries. Part B is medical insurance and covers certain outpatient care such as doctor’s office visits, preventive care, medical equipment and other qualified services.
In 2023, the standard Part B premium is $164.90 per month, but not everyone pays the same Part B costs.
In this guide, we break down the costs of Medicare Part B in 2023 so that you can understand more about this type of Medicare coverage.
Join our email series to receive your free Medicare guide and the latest information about Medicare and Medicare Advantage.
By clicking "Sign me up!” you are agreeing to receive emails from MedicareAdvantage.com.
Medicare Part B provides coverage for doctor visits and a variety of other medical services, along with durable medical equipment (DME).
Part B coverage extends to preventive services such as:
Learn more about the types of services, supplies and care that are covered by Part B.
Medicare Part B services can include several different types of expenses, including, but not limited to:
Learn more about each of these types of Part B costs in 2023 below.
Some Medicare beneficiaries might pay more or less than the standard Part B premium in 2023 due to a few factors.
The chart below outlines the 2023 Part B premiums for beneficiaries affected by IRMAA based on their 2020 income.
2021 Individual tax return | 2021 Joint tax return | 2021 Married and separate tax return | 2023 Part B premium |
---|---|---|---|
$97,000 or less |
$194,000 or less |
$97,000 or less |
$164.90 |
More than $97,000 and up to $123,000 |
More than $194,000 and up to $246,000 |
N/A |
$230.80 |
More than $123,000 up to $153,000 |
More than $246,000 up to $306,000 |
N/A |
$329.70 |
More than $153,000 up to $183,000 |
More than $306,000 up to $366,000 |
N/A |
$428.60 |
More than $183,000 up to $500,000 |
More than $366,000 up to $750,000 |
More than $97,000 up to $403,000 |
$527.50 |
More than or equal to $500,000 |
More than or equal to $750,000 |
More than or equal to $403,000 |
$560.50 |
Part B beneficiaries must pay the first $226 of covered Part B services out of their own pocket before their Part B coverage kicks in in 2023. This is considered the Part B deductible.
The Part B deductible is annual, meaning it resets with each calendar year.
Example: The first time you receive services or items that are covered by Part B during the year, you are billed for $300. You must pay the first $226 of that bill out of your own pocket. Your Part B coverage is then applied to the remaining $74 of the bill.
You have now met your deductible for the year. You will not have to pay anything more towards your Part B deductible until the following year when the deductible resets.
Your Medicare Part B coinsurance or copayment is the amount that you have to pay for covered services after meeting your annual deductible. The standard Part B coinsurance for most services and items is 20 percent of the Medicare-approved amount.
Using the example from above, you would likely be required to pay 20 percent of the $74 that was left over after you met your Part B deductible. This 20 percent would equal around $14.
In this example, your total spending for your $300 bill would be $240 (the $226 deductible plus the $14 coinsurance payment).
The premium, deductible and coinsurance are the three main expenses associated with Medicare Part B.
But there are two additional costs that Part B beneficiaries might face.
Read additional medicare costs guides to learn more about Medicare costs and how they will affect you.
You may be able to find a $0 premium Medicare Advantage plan in your area.
Medicare Advantage (Medicare Part C) offers the same benefits covered by Original Medicare (Part A and Part B), and some Medicare Advantage plans also cover prescription drugs and other benefits such as routine dental care.
Speak with a licensed insurance agent
Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.
Compare your Medigap plan options by visiting MedicareSupplement.com
Visit site