Medicare Medical Needs Part B Costs

Original Medicare Part B costs and benefits

Medicare Part B is a component of the federal health insurance program for recipients in Florida who reach 65 years, as well as for certain individuals with disabilities.

Part B provides coverage for a wide range of medical services and supplies that are considered medically necessary.

Some examples of the types of services and supplies covered by Medicare Part B in Florida include:

• - Doctor visits and outpatient services
• - Preventive care, such as flu shots and cancer screenings
• - Diagnostic tests and lab work
• - Ambulance services
• - Durable medical equipment, such as wheelchairs and oxygen equipment
• - Mental health services
• - Physical therapy and other rehabilitation services

It's important to note that Medicare Part B does not cover all medical services and supplies. For example, it generally does not cover routine dental care, eyeglasses, or hearing aids. Additionally, there may be certain limitations and restrictions on coverage for specific services and supplies.

It pays for physician services based on the Medicare Physician Fee Schedule (MPFS), which lists the more than several thousand unique covered services and their payment rates. Physicians' services include office visits, surgical procedures, anesthesia services and a various other diagnostic and therapeutic services.

The Medicare costs in Florida for Part B medical needs include:

1. Monthly premium: Most beneficiaries pay a monthly premium fees for Part B coverage. The standard premium amount is set by the federal government each year and is based on income. In 2024, the standard premium is $174.70 per month.
2. Annual deductible: Beneficiaries must pay an annual deductible before Medicare Part B coverage begins. In 2024, the deductible is $240.
3. Coinsurance: After the deductible is met, beneficiaries typically pay 20% of the Medicare-approved amount for most Part B services.
4. Other costs: Beneficiaries may also be responsible for other costs, such as excess charges if a doctor charges more than the Medicare-approved amount, or costs associated with services that are not covered by Medicare Part B.

The costs of Medicare Part B can vary depending on several factors, including income, location, and enrollment status.

In 2024, Florida Medicare costs for Medical Part B are based on income reported on your 2023 tax return. You won't pay any extra for Part B if you earned $97,000 or less as an individual or $194,000 or less if you are a joint filer.

It's important to note that there may be other costs associated with Medicare Part B, such as deductibles, coinsurance, and copayments. These costs can also vary depending on the specific services received and the provider.