Part B is the Medical side.
It covers medically necessary services including doctors services, outpatient care, home health services, durable medical equipment and other medical services. Part B also covers Preventive and screening services.
The cost: for most people it’s $164.90/month for 2023. But wait, it gets better because they now “means” test Part B premiums! That means if you are a larger earner, individual or couple, you will pay additional premiums. The government looks back at your tax return from two years ago and will charge you higher Part B premiums if you had more income then. In technical terms it is referred to as Income Related Monthly Adjustment Amounts (IRMAA).
Part B late enrollment penalty. If you don’t sign up when you are supposed to, you can be fined. The fines can last a lifetime for Part B! Don’t let it happen to you. Technically, they fine you 10% of the Part B premium for every 12-month period that you could have had Part B, but didn’t enroll. It’s bad.
Click the Image Below to View the 2023 Part B Monthly Premiums by Income: