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:
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