Medicare Part B Cost For 2019 – What You Need to Know

What’s the Medicare Part B cost for 2019? If you’re approaching age 65, you may look at Medicare for healthcare coverage. But Medicare can be confusing because there are different parts under one umbrella. There is traditional Medicare, Parts A and B, and then there’s Part C Medicare Advantage coverage and optional Part D coverage.

If the above sounds complicated, don’t fret. It’s straightforward. Just read up on all the parts of Medicare. Learn as much as you can about each type of coverage and how the parts fit together to benefit you. This blog post looks at the 2019 cost of Part B Medicare and provides easy-to-digest information about its medical coverage.

Here’s what you need to know about Medicare Part B…

Basics of Medicare Part B Coverage

People who are new to Medicare get a one-time healthcare visit. After looking at your medical history, a professional will perform a basic physical exam and provide you with a written health plan.

Medicare Part B covers various healthcare treatments and outpatient services that are medically required. This includes doctor visits, ambulance services, diagnostic tests, clinical research, and more.

Things That Part B Medicare Doesn’t Cover

As you might expect, there are some things that Part B Medicare does not cover. Part B does not pay for prosthetic dentures. Most forms of dental care are not covered by the plan, as a matter of fact.

Hearing-aid examinations aren’t covered by the plan either, and you won’t typically get coverage for eye exams relating to prescriptions for eyeglasses. Use this Medicare tool for more information.

How You Pay for Medicare Part B

Participants in Part B Medicare pay monthly premiums. Your Part B premium is automatically deducted if you receive benefits from Social Security or the Railroad Retirement Board.

If you don’t receive benefit payments from any of the above, or the Office of Personnel Management, you will receive a monthly bill for your Medicare healthcare coverage.

The Medicare Part B Cost For 2019

As of 2019, $135.50 is the standard premium for Part B Medicare. This is what most individuals on the healthcare coverage plan are paying currently, according to the official Medicare website.

Some people qualify for lower Part B payments under the “hold-harmless provision” due to significant Social Security payments increase. High-income taxpayers pay more than the standard.

Part B Cost for High-Income Taxpayers

Men and women whose modified adjusted gross income on their 2017 IRS tax return exceeded a certain amount must pay an Income Related Monthly Adjustment Amount for Medicare Part B.

This Income Related Monthly Adjustment Amount (IRMAA) is an extra charge. It is added to your standard premium for Part B Medicare, resulting in a higher monthly payment.

How Much You Pay for Part B If You Earned $85,000 to $133,500

Individuals who reported earnings of $85,000 to $107,000 on their 2017 IRS tax return pay $189.60 pm. Those who earned and reported an income of between $107,000 and $133,500 pay $270.90.

The Medicare Part B cost for 2019 if you filed a joint tax return for $170,000 to $214,000 in 2017 is $189.60 pm. If your joint tax return earnings were $214,000 to $267,000, then you pay $270.90.

How Much You Pay for Part B If You Earned $133,500 to $500,000

Persons who reported earnings of $133,500 to $160,000 on their 2017 IRS tax return pay $352.20 pm. Those who earned and reported an income of between $160,000 and $500,000 pay $433.40.

Your Part B cost for 2019 if you filed a joint tax return for $267,000 to $320,000 in 2017 is $352.20 pm. If your joint tax return earnings were $320,000 to $750,000, then you pay $433.40.

How Much You Pay for Part B If You Earned More Than $500,000

You’d pay $460.50 monthly for Part B Medicare if you reported $500,000 or more in earnings in 2017. If you file a joint tax return for $750,000 or more, you will pay the same amount.

In addition to your monthly Medicare premiums, there are deductible and coinsurance payments for Medicare Part B, regardless of what you earned in 2017 and filed on your IRS tax return.

Medicare Part B Deductible and Coinsurance Payments

The Part B deductible in 2019 is $185 per year. Once you’ve paid the deductible amount out of pocket, you will have Medicare coverage, and you’ll only pay 20% for many healthcare services.

Services that require 20 percent co-payments as part of the Medicare Part B cost for 2019 include outpatient therapy, durable medical equipment (DME), and most doctor services.

Other Part B Medicare Costs

Some people automatically get Medicare Part B coverage through their medical insurance, while others must sign up to become a member. You can learn more here.

Men and women who do not sign up for Part B Medicare when they are first eligible to do so sometimes incur an additional cost. This is typically in the form of a late enrollment penalty.