Call for a Medicare quote:


Q: What Is the Cost of Medicare Part B?

Asked by Anonymous on October 6, 2017

Is Medicare Part B free? Or is there a monthly Medicare Part B premium that I have to pay?

Howard Yeh
Howard Yeh October 6, 2017

The cost of Medicare Part B comes in the form of a monthly premium (along with deductibles and coinsurance). Unlike Medicare Part A, which is free to Medicare-eligible seniors, Medicare Part B recipients must pay this premium.

Medicare Part B premiums are based on your income levels. These charges may change each year, although they are not expected to increase until 2020.

For 2018, the monthly Medicare Part B premiums are somewhere between $134 and $428.60 per individual. If you receive Social Security benefits, this premium can be deducted out of your Social Security payments so that you don’t have to make regular payments.

Medicare Part B Late Enrollment Penalty: You need to enroll for Medicare Part B when you first become eligible. For people who stop working at 65, that means enrolling in Part B at the same time you enroll in Part A. If you don’t, then you will need to pay the Medicare Part B late payment penalty. This late enrollment penalty amounts to an increase of 10 percent for each year that you were late enrolling in Medicare Part B. You can read a more detailed explanation of the Medicare Part B late enrollment penalty here.

What Medicare Part B Covers: Medicare Part B covers the medical expenses associated with doctors, outpatient facilities and approved Medicare equipment. It doesn’t cover hospitalization, which is under Medicare Part A. Part B also doesn’t cover prescription drugs – that’s covered under Medicare Part D.

Taking the Next Steps

Looking to cover more of your Medicare Part B costs? Consider getting help from a Medicare Supplement plan. Search our database of Medicare Supplement plans to find the right plan for you.

Get a Free Medicare Quote

  • Get an instant quote for Medicare plans
  • Compare prices from over 70 carriers
  • Find a plan that fits your budget
Please enter a valid US Zip Code

Have another answer for this question?

Share your knowledge using the form below.
Your email address will not be published.

By submiting an answer, you agree to our Terms of Use and Privacy Policy.
Your answer will be public once it's approved by our team.

Get Live Medicare Assistance Now