Medicare has two primary “parts”. Part A is often referred to as the “hospital” insurance. Part B is often referred to as the “physician’s” portion of Medicare. Part B of Medicare covers services provided by physicians and other health care providers.
Part B is optional. Unless an individual has Medicaid or other public assistance, Part B will require that the participant provide payment of a portion of the premium for this coverage. The standard Part B premium has increased slightly from last year.
Last year the standard Medicare Part B premium was $164.90. Effective January 1, 2024, the standard monthly Part B premium is $174.70. For those individuals who earn more income, the Part B premium will be greater.
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