Here's What Medicare Part B Costs and Covers in 2018
Paying for healthcare is a challenge for retirees, and although Medicare provides a lot of help, the alphabet soup of Medicare coverage can take some effort to figure out. Medicare Part B is a crucial component of how retirees get the everyday healthcare that they need. To answer some of the questions that older Americans frequently have about the program, here are some of the key provisions of Medicare Part B and how you can use it to cover the expenses of doctor visits and other outpatient treatment needs.
Part B coverage for medical services requires Medicare participants to pay a monthly premium. For 2018, the premium that most participants will pay is $134 per month. About a quarter of Medicare beneficiaries will qualify to pay a lower amount due to unusually low cost-of-living increases in their Social Security payments over the past several years. The hold-harmless provision under Medicare and Social Security limits Medicare premium increases to the amount by which a participant's Social Security checks go up. Although most participants will have seen their monthly benefits catch up to Medicare premium increases by the time 2018 cost-of-living increases take effect in January, those who don't will get their Part B coverage at a discounted premium.
There is also a means test that requires some people to pay higher premiums for their Part B coverage. Depending on your income, premiums can be as much as $428.60 per month.
Source: Fool.com
