Medicare Part B

Medicare Part B is a federal health insurance program that provides coverage for certain medical services and supplies that are deemed medically necessary. It is one of the four parts of the Medicare program, the others being Part A (hospital insurance), Part C (Medicare Advantage), and Part D (drug coverage).

Some of the services and supplies covered by Medicare Part B include:

• Doctor services, including office visits, preventive screenings, and diagnostic tests
• Outpatient care, including hospital care, lab tests, and X-rays
• Medical equipment, such as walkers, wheelchairs, and hospital beds
• Preventive services, such as flu shots and screenings for certain cancers
• Home health care, including physical therapy, occupational therapy, and speech-language therapy
• Mental health care, including therapy and counseling
• Some prescription drugs, such as certain cancer drugs and injectable osteoporosis drugs

Medicare Part B is optional and requires a monthly premium, which is usually deducted from your Social Security benefit. There is also an annual deductible and coinsurance for most services. Beneficiaries have option to opt out of Part B if they have other forms of coverage such as employer insurance.

For 2023, the standard monthly Part B premium is $164.90, and the annual deductible for all Medicare Part B beneficiaries is $226 in 2023