Final answer:
Medicare Part B covers lab services and diagnostic tests, in addition to other medical costs outside of hospital stays. Beneficiaries pay a monthly premium, a deductible, and copayments, while the government contributes to the remaining costs.
Step-by-step explanation:
Medicare Part B is the component of Medicare that will cover lab services or diagnostic tests. Part B is considered optional insurance that encompasses healthcare costs outside of hospital stays, such as physician services, medical tests, outpatient visits, and a variety of other healthcare needs that are not covered by Part A. Part B is funded by participant premiums, deductible charges, copayments, and government contributions.
Under Medicare Part B, beneficiaries are responsible for paying a monthly fee, and they must satisfy deductible charges as well as copayments for the part of services their plan covers. These costs contribute to 25% of the estimated program costs for the aged, while the general revenues cover approximately 75% of the remaining amount. In addition to lab services and diagnostic tests, Part B also covers physician services, eyeglasses, and eye care, among other medical needs.