Getting medical insurance is not obligatory, but if you don’t have one, the expenses can rise through the roof. Medicare Part A and Part B are the basic packages that cover a large majority of the things you need in case you have to go to the doctor’s.
Medicare Part B Plan covers lab tests, surgeries as well as your doctor visits. However, this is not everything. Supplies such as wheelchairs and walkers are included as well, in case you ever need them. Although Medicare Part B isn’t mandatory, a large number of people opt for this plan. In the following article, we will analyze what makes the Medicare Part B valuable.
Payment
The price of the Medicare Part B changes every year. In 2024, the monthly cost has increased primarily due to the rising prices across the healthcare system. The standard monthly premium in 2024 for everyone who has the Medicare Part B is $170.10. For instance, the monthly fee in 2024 was $148.50, so this is a significant rise.
This is the minimal sum one has to pay. The monthly fee is determined based on the gross income and tax returns. The $170.10 fee is for those who have a gross income of $91,000 or below. As the income increases, the monthly fee can reach up to $578.30 for those earning over half a million per year.
Medicare Part B Coverage:
We’ve already mentioned what Medicare Part B covers, but below, you can find that in more details:
Clinical Research
The first thing that you get with Medicare Part B is the clinical research studies. These include the testing of different medical procedures or medication. Therefore, doctors can determine more easily if a certain drug or procedure will work and will be safe. Furthermore, office visits and tests are also included in this point.
Ambulance Service
In case of a medical emergency, you need to be rushed to the hospital as soon as possible. You can never tell when something will go wrong, which is why it is useful to have an ambulance service. The Medicare Part B includes the ambulance transportation to the hospital in case of an emergency.
Durable Medical Equipment
One of the perks of Medicare B is the durable medical equipment that your doctor can prescribe to you to use at home. This includes equipment such as blood sugar meters, canes, commode chairs, crutches, home infusion services, infusion pumps and supplies, walkers, suction pumps, patient lifts, wheelchairs, etc…
Mental Health
When it comes to mental health, Medicare Part B includes inpatient, outpatient and partial hospitalization services. These include depression tests, visits from psychiatrists, clinical psychologists, social workers, physicians and nurse practitioners. These are recognized as counseling or therapy.
Limited Outpatient Prescription Drugs
While the Medicare Part B doesn’t cover all prescription drugs, there are some that are included in the deal. These are the drugs used with an item of durable medical equipment, antigens or injectable osteoporosis drugs.
Conclusion
Medicare Part B for 2024 is a must have because it provides great value for you and covers some basic costs of healthcare. Although the packages are more expensive compared to last year, we’d still recommend getting Medicare Part B as a part of your medical insurance.
