TUESDAY, MAY 24, 2016
What is Medicare Part B premium?
Medicare Part A and Part B is also called "Original Medicare" or "Traditional Medicare". For most people who are eligible for Original Medicare, Part A is free of charge if certain conditions are met. Part B of Original Medicare is not free and will cost you a monthly premium. The monthly Part B premium for 2016 varies based on your household income and whether you file your taxes individually, joint or married filling separate. Part B monthly premiums for 2016 range between $121.80 to $389.80 (please see chart at https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html
In addition to a monthly premium, Part B has an annual deductible amount of $166 for the year 2016. After the deductible is met for the year, then you will typically pay 20% of the Medicare-approved amount for you doctor's services.
So, a premium is charged on a monthly basis, a deductible is a fixed amount that needs to be met once per calendar year and a co-insurance is a percentage of what is left uncovered by Medicare, typically 20%, which will be your responsibility.
Now, if you already receive Social Security benefits and have Medicare Part B, the monthly premium is automatically withheld each month from your Social Security benefit amount. In case you do not receive Social Security benefits and have Medicare Part B, the monthly premium is billed to you on a quarterly basis instead of each month.
If you have further questions about Medicare premiums, you can always contact
Medicareline Insurance in Colorado
Phone: (719) 360-2795
An article by John A. Balota
Owner of Medicareline Insurance
Posted 12:52 PM