Medicare Part B (Medical Insurance) costs

​

Monthly premium: The standard Part B premium amount in 2024 is $174.70. Most people will pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

​

Get more information about your Part B premium from Social Security [PDF, 341 KB]. 

 

Late enrollment penalty: In most cases, if you don't sign up for Part B when you're first eligible, you'll have to pay a late enrollment penalty. You'll have to pay this penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn't sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B. Coverage will start July 1 of that year.

​

Learn more about the Part B late enrollment penalty.

 

Part B costs if you have Original Medicare

 

Note: All Medicare Advantage Plans must cover these services. If you're in a Medicare Advantage Plan, costs vary by plan and may be either higher or lower than those in Original Medicare. Review the "Evidence of Coverage" from your plan.

 

Part B annual deductible:

You pay $240 per year in 2024 for your Part B deductible. After your deductible is met, you typically pay 20% of the Medicare-approved amount for these:

• Most doctor services (including most doctor services while you're a hospital inpatient)

• Outpatient therapy

• Durable medical equipment (DME)

• Clinical laboratory services: You pay $0 for Medicare-approved services.

 

Home health services:

• ·$0 for home health care services.

• 20% of the Medicare-approved amount  for durable medical equipment (dme) .

• Medical and other services:

• You pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment (dme).

 

Outpatient mental health services:

• You pay nothing for your yearly depression screening if your doctor or health care provider accepts assignment.

• 20% of the Medicare-approved amount for visits to your doctor or other health care provider to diagnose or treat your condition. The Part B deductible applies.

• If you get your services in a hospital outpatient clinic or hospital outpatient department, you may have to pay an additional copayment  or coinsurance amount to the hospital.

 

Partial hospitalization mental health services: You pay a percentage of the Medicare-approved amount for each service you get from a doctor or certain other qualified mental health professionals if your health care professional accepts assignment. You also pay coinsurance for each day of partial hospitalization services provided in a hospital outpatient setting or community mental health center, and the Part B deductible applies.

 

Outpatient hospital services:

• You usually pay 20% of the Medicare-approved amount for the doctor or other health care provider's services. For services that can also be provided in a doctor’s office, you may pay more for outpatient services you get in a hospital than you’ll pay for the same care in a doctor’s office. However, the hospital outpatient copayment for the service is capped at the inpatient deductible amount.

• In addition to the amount you pay the doctor, you’ll also usually pay the hospital a copayment for each service you get in a hospital outpatient setting, except for certain preventive services that don’t have a copayment. In most cases, the copayment can’t be more than the Part A hospital stay deductible for each service.

• The Part B deductible applies, except for certain preventive services. If you get hospital outpatient services in a critical access hospital, your copayment may be higher and may exceed the Part A hospital stay deductible.