Part B Costs

You have made it past the first stop in enrolling in Medicare: Part A. Now, it is time to think about enrolling in Part B. Remember, Part B is the side of Original Medicare that covers doctor’s office visits. There is a common Medicare myth that your Part B costs with Original Medicare are free. Unfortunately, there is a price for your Part B benefits. Depending on your circumstances, you may decide to delay your Part B if you are continuing to work and have coverage through your employer.


Once you enroll in Part B, you will begin paying a Part B premium each month. These premiums will be deducted from either of these (whichever applies to you): Social Security, Railroad Retirement Board, or Office of Personnel Management. The standard premium for Part B in 2021 is $148.50. This amount could be more or less depending on various factors. Keep in mind that this premium amount changes each year.


The 2021 Part B deductible is $203. Some Medicare enrollees aren’t directly responsible for the Part B deductible:

Medigap plans C and F cover the deductible, which is why those plans are no longer available to people who become newly eligible for Medicare after the end of 2019.

Enrollees who have Medicaid or retiree health benefits from an employer generally do not have to pay the Part B deductible, as the other coverage picks up the tab.

Some Medicare Advantage plans have no deductibles and low copays (Medicare Advantage enrollees pay the Part B premium plus the Medicare Advantage premium, and then the Medicare Advantage insurer wraps the Part A and B (and in most cases, D) benefits into one plan for the enrollee, with cost-sharing that can differ greatly from the standard Original Medicare cost-sharing).

Enrollment Penalty

Similar to each part of Medicare, if you do not enroll within Medicare’s guidelines, you may experience a penalty. The late-enrollment penalty for Part B is a 10% increase on your monthly premium for each year you could have had Part B but did not enroll. In most cases, when you go to pay your Part B premium (monthly payments) that is when you will pay your penalty.

Part B serves a major part of your coverage under Original Medicare. If you have any questions regarding how to enroll or further questions on the costs, give is a call at (877) 759-5762 opt. 2, and our advisors will walk you through all the steps.

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