Learn how Medicare works. In 2023, Medicare Part B monthly premium costs you $164.90 per month . If you only have Parts A and B, Medicare Bob says, “Every time you have to go to the hospital, you have to pay the first $1600 (in 2023) before Medicare pays a single penny.” This $1600 Part A deductible will last for 60 days every time you go to the hospital. The Part A deductible is $1600 in 2023.
That’s how Medicare Part A works, so how does Medicare Part B work? Medicare Bob says Medicare Part B is “for all your medical and doctor bills -- labwork, doctor visits, x-rays, surgeries, and therapies.” In 2023, the Medicare Part B deductible is $226 per year. After you pay this small deductible, Medicare Bob says, “The problem is Medicare will step in and pay 80% of your bills.” Consequently, you have to pay for the other 20%.
Furthermore, Medicare Bob adds, “There is no max out of pocket. There is no ceiling to Medicare Part B, so your exposure is unlimited.” Therefore, Medicare Bob recommends you look into getting a Medicare Advantage or Supplement plan.