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Medicare Part B is one of the two parts of Original Medicare and provides medical coverage. Beneficiaries who are eligible for the Medicare Part A They are also eligible to enroll in Part B once they are eligible for Part A.
Medicare Part B is a voluntary program that requires you to pay a monthly premium for all months of coverage.
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What factors determine Medicare coverage?
Part B Premiums
The standard Part B premium amount in 2021 is $148.50 and most people will pay this amount. However, if your modified adjusted gross income is above a certain threshold, you may pay an Income Related Monthly Adjustment Amount (IRMAA).
Your Part B premium will be automatically deducted from your benefit payment if you get benefits from one of the following:
If you do not receive one of these benefit payments, you will receive a quarterly bill for your Medicare Part B premium.
Late Enrollment Penalty
If you didn't get Part B when you were first eligible, your monthly premium may go up 10% for each 12-month period you could have had Part B but didn't sign up. In most cases, you will have to pay this penalty each time you pay your premiums for as long as you have Part B.
Part B deductible and coinsurance
In 2021, you'll pay $203 toward your Part B deductible. After you meet your yearly deductible, you typically pay coinsurance of 20% of the Medicare-approved amount for the following approved services: