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What is Medicare Part B?

Medicare Part B is part of Original Medicare and is sometimes referred to as "medical insurance." We cover everything you need to know - from Medicare Part B 2023 costs, coverage, and eligibility.

The Four Parts of Medicare

Medicare consists of four basic parts: Part A, Part B, Part C, and Part D. Generally, the different parts of Medicare help cover specific services. Depending on your situation, you can get Medicare coverage through a combination of these parts. Our advisors can help determine the combination of these four parts that is right for you. Call us at 937.915.3563 or schedule a call. 

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What does Medicare Part B cover?

Part B generally covers two types of medical services. First, Medicare Part B covers medically necessary health services and supplies. Second, Part B covers preventive services.

  • Physician services
  • Outpatient hospital services
  • Certain home health services
  • Tests
  • Wheelchairs and walkers
  • Clinical research

  • Ambulance services
  • Durable medical equipment (DME)
  • Mental health services (inpatient and outpatient)
  • Limited outpatient prescription drugs
  • Screenings
  • Annual wellness exams

A more exhaustive list for Medicare Part B coverage, can be found on

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What does Medicare Part B cost?

Medicare Part B has three associated costs: an annual deductible, a monthly premium, and coinsurance for covered medical services.

Medicare Part B costs for 2023:

  • Annual deductible: $226

  • Monthly premium: $164.90 (for most Medicare enrollees)

  • Coinsurance: 20 percent of the total cost of covered services

After the deductible is met, you typically pay 20% of the cost of services and Medicare covers the rest. When budgeting for your Part B expenses, note that there is no cap on the 20% that you will be responsible for paying. Because of the potential costs with no maximum out of pocket you can incur while on Original Medicare (Part A and B), it is important that you contact our advisors to help you find a plan to help defray these costs. The Part B costs above apply if your only coverage is Original Medicare (Part A and Part B). One way to lower your out-of-pocket costs is by exploring Medicare Advantage or Medicare Supplement plan options. Let our advisors do the research for you at no cost or obligation. Schedule a call.

What is the Medicare Part B premium?

You pay a premium each month for Part B. For 2023, premiums start at $164.90 and increase depending on income. Most people pay the standard Part B premium amount. If your income is above a certain level, you will pay more for your Part B premium.

2023 Income-Related Part B Premium Adjustment Amounts

Part B 2021


Medicare Part B Eligibility

Individuals must be a U.S. citizen or permanent legal resident for at least five consecutive years. You must also meet at least one of the following criteria for Medicare eligibility:

  • Age 65 or older 
  • Are permanently disabled and have received disability benefits for at least two years 
  • Have been diagnosed with End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig’s disease)

Original Medicare: Part A and Part B

Original Medicare also includes Part A. Medicare Part A is sometimes referred to as “hospital coverage.” Medicare Part A covers inpatient care: hospitalizations, skilled nursing care, hospice, and home health care.

How to Sign Up for Medicare Part B

If you are not automatically enrolled in Medicare, you can sign up for Part A and/or Part B via the online Medicare application, by calling Social Security at 800.772.1213, or by visiting your local Social Security office. If you are coming off group coverage, you will want to be sure your Medicare effective date lines up with the end of your other insurance coverage.  

When to Apply for Medicare

If you are turning 65, most people can apply for Medicare three months before their 65th birthday month. Signing up is different if someone has a disability or receives Social Security. 

When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period. If you are eligible for Medicare when you turn 65, you can sign up during the 7-month period that begins three months before the month you turn 65, includes the month you turn 65, and ends three months after you turn 65. We recommend contacting one of our expert advisors for Medicare advice approximately six months before you turn 65. Learn more about working past 65 and Medicare.

Working Past Age 65 and Medicare Enrollment

Retirement is not a requirement for enjoying the benefits of Medicare. Many individuals aged 65 and older are delaying retirement and staying in the workforce. If you’re past age 65, you can sign up for Medicare regardless of your current employment status. Compare your employer coverage to Medicare here.

We make it easy to enroll in Medicare without retiring. Our advisors provide personalized guidance to help you choose the health plan that is right for you.

Questions? Your local partner in Medicare has answers.

If you have questions about your plan options or deferring Medicare Part A, contact our team of advisors in Dayton and Cincinnati.

Email us at, call us at 937.915.3563, or schedule an appointment to speak with an advisor. 

Download Your 2023 Costs & Coverage Guide

We know how to make Medicare work for you. 

Medicare can be complicated but we’re here to help. Let’s get started with the basics.