Medicare Part B covers prescription drug costs.

It also covers hospital and medical services. However, it doesn’t cover long-term care costs for those 55 –64 years old (they must have a long-term care plan and have the appropriate coverage to receive Medicare Part B benefits).

Complete Plan B:

The government’s Medicare Part B, which covers prescription drugs, is one of the most expensive parts of the health care system.

The Medicare Part B program covers a wide range of prescription drug costs, such as It also covers medical supplies and equipment.

The program has a maximum annual cost cap of $2,788 per individual or $4,946 per family.

However, if you have a spouse covered under Part B, your yearly total cost is limited to $3,826 per person or $5,304 per family.

The program has three tiers:

A- Medigap (the lowest)

B- Medigap plus (the middle), and

C- Medigap premium (the highest).

The premiums for each tier are based on an applicant’s age and income level. For example, for a family of five with an annual income between $50,000 and $75,000 and an age between 35 and 64, the premium is $11.25 per month.

For a family of seven with an annual income of over $200,000 and an age between 35 and 64, the premium is $16.50 per month. The program also has co- payments. When a Medicare Part B premium is paid, the cost goes directly to the pharmacy, distributing it to your doctor or another medical provider.

For example, if an enrollee’s premium is $11.25 per month, the enrollee has a co-payment of $10 per prescription. That payment ends up going to their insurance company.

They would then be paying $11.25 per prescription and not $10.67.
This is another way the Medicare Part B program works to reduce the cost of health care for the individual enrollee.

“Suppose a beneficiary has a Co-payment (defined above) for any prescription drug covered by Part B. Co-Payment will be paid directly to the pharmacy, not to the beneficiary’s insurance company.

Therefore, an enrolled who has a co-payment of $10 per prescription will only pay $10.”
How Medicare Part B Helps Your Family’s Financial Stability
The Medicare Part B health insurance program is a vital part of the US healthcare system. It provides financial stability to millions of Americans at risk of economic hardship, and it helps many people stay healthy. Unfortunately, the program faces budget cuts that will take away patients’ access to care.

In February, CMS released proposed cuts of $1 billion in 2018. The proposed changes impact the Medicare Part B program in various ways: The proposal would require some beneficiaries with high-deductible plans to pay more out of pocket for care.
This change would not impact beneficiaries with low-deductible plans. To soften the blow, CMS proposes allowing some beneficiaries to use an amount equal to 100 percent of their Part B premiums or a percentage of their annual salary, whichever is lower.
Currently, patients can use up to 75 percent (or 20 percent) of the premium to pay for their services. The proposed changes would affect beneficiaries with high-deductible health plans in several ways:

A- Adding a payment adjustment to the Part B premium schedule will account for some beneficiaries’ higher-than-average cost share. This change could reduce some patients’ out-of-pocket costs by $1 .50 per month.

B- Increasing the annual deductible for the Part B High Deductible Health Plan (HDHP) by $7 to $1,300. This change could reduce some beneficiaries’ out-of-pocket costs by $180 a year.

C- Increasing the number of dates on which Medicare Part B plan payments are determined to receive all of its funds every month.

D- Increasing the out-of-pocket cost-share for beneficiaries in High Deductible Health Plans (HDHPs) and increasing the phase-in amounts for these groups to account for differences in income and age.

Why we need to talk about Medicare Part B in 2022

In 2022, Medicare Part B will be mandatory. This is the first step toward universal healthcare. The government will pay for it, and the rest of the population will have to pay for it with their own money. This means that everyone will have to buy a Medicare Part B plan or pay for their healthcare. Medicare Part B is a part of the Affordable Care Act and was passed as part of the 2010 Affordable Care Act.

This means that it doesn’t apply to all Americans but is designed to be universal to help people with more expensive medical conditions.