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Many Medicare beneficiaries receiving Social Security benefits may receive a lower monthly premium for your Medicare Part B benefits. Medicare Part B is medical insurance for seniors aged 65 and older, or for certain younger people with qualifying disabilities or conditions. It covers a wide range of medically necessary services including doctor visits, medical equipment and more.
To get the many benefits of Medicare Part B, you must pay a monthly premium. The standard premium in 2024 is $174.70 per month (or more depending on your income). But some people may get a lower premium.
Besides your premium, you’ll also pay $240 per year for your Part B deductible in 2024. Once you meet your deductible, you’ll typically pay for 20 percent of the Medicare-approved amount for medical services.
If you don't enroll in Medicare Part B during your Initial Enrollment Period, you may face a late enrollment penalty. You may be able to avoid this penalty if you qualify for a special Medicare enrollment period.
Medicare Part B is medical insurance and includes coverage for:
Medicare Part B is optional, separate from Medicare Part A (Hospital Insurance). In order to qualify, you typically must be 65 years or older. You must also be a U.S. citizen, or a permanent lawful resident for at least five continuous years.
If you are under age 65, you may also be eligible if you receive Social Security or Railroad Retirement Board disability benefits for more than 24 months.
Even though Medicare is comprehensive, you will still be responsible for the deductibles, coinsurance, copayments and other fees associated with Medicare Part B. Medigap, or Medicare Supplement Insurance, can help to cover some of these gaps left in Original Medicare coverage.
Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareSupplement.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism. He currently lives in Raleigh, NC.
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