Medicare Part B Benefits (Medical Insurance)
What Is Part B (Medical Insurance)?
Part B helps cover medically-necessary services like doctors’ services, outpatient care, home health services, and other medical services. Part B also covers some preventive services. Check your Medicare card to find out if you have Part B.
How Much Does Part B Cost?
You pay the Part B premium each month. Most people will pay the standard premium amount (link to current amount?. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay more.
Your modified adjusted gross income is your taxable income plus your tax exempt interest income. Social Security will notify you if you have to pay more than the standard premium. If you have to pay a higher amount for your Part B premium and you disagree (even if you get Railroad Retirement Board benefits), call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778.
If you don’t sign up for Part B when you are first eligible, you may have to pay a late enrollment penalty.