Glossary
Medicare Part B (Medical Insurance)
The part of Medicare that helps pay for doctor visits, outpatient care, lab tests, and preventive services.
Part B is the medical side of Medicare. It helps pay for doctor visits, outpatient hospital care, lab work, ambulance rides, durable medical equipment, and preventive services such as screenings and shots. Nearly everyone pays a monthly premium for Part B, and that premium is usually deducted straight from a Social Security payment. There is also a yearly deductible, and after it is met Medicare generally pays 80 percent of the approved amount for most services, leaving you the remaining 20 percent with no upper limit in Original Medicare. This matters to you for two reasons. Part B carries the extra IRMAA charge for higher earners, and it carries a late enrollment penalty that is permanent: signing up after your window closes, without other qualifying coverage, can add to your premium for as long as you have Part B.