What is Medicare Part B
Are you wondering about Medicare Part B eligibility, costs, enrollment, and deductibles? If you’re aging into Medicare, these are essential things to know. Medicare Part B is the medical portion of Original Medicare. This includes coverage for outpatient services while visiting your doctor.
What Does Medicare Part B Cover?
Part B provides coverage for a mixture of outpatient medical services. This includes coverage for preventative vaccines, cancer screenings, annual lab work, and much more. It will cover preventative services in addition to specialist services. Part B even covers services for mental healthcare, durable medical equipment that your doctor finds medically necessary, or an ambulance ride. Also, Medicare Part B will cover services that you receive while in the hospital. This includes surgeries, diagnostic imaging, chemotherapy, and dialysis if you obtain drugs while at the hospital, it will also provide coverage for those.
What Does Medicare Part B Not Cover?
How Much Does Medicare Part B Cost?
The out of pocket costs for Part B includes a premium, deductible, and coinsurance. Medicare Part B will cover 80% of your medical expenses once you’ve met the annual deductible. If you have a Medigap plan, the yearly deductible and coinsurance could have coverage.
You must pay the monthly premium for Part B. Most beneficiaries will pay the standard monthly premium. Those in a higher income bracket will pay more. We’ll cover more on that below.
What is the Medicare Part B Premium for 2020?
The Part B premium is $144.60 a month. If you receive Social Security, Railroad Retirement Board, or Office of Personnel Management benefit payments, your Part B premium will be deducted from your monthly check.
If you don’t receive Social Security, you could get a monthly bill from Medicare. They have online payment options for those with a MyMedicare account.
What is the Medicare Part B Deductible for 2020?
What is the cost for Medicare Part B for Higher-Income Earners?
How to Sign Up for Medicare Part B
Beneficiaries collecting Social Security benefits when they age into Medicare at 65 will automatically be enrolled. You’ll receive your Medicare card the month before your birthday. If you’re not collecting Social Security benefits, you’ll need to enroll yourself. You can find out how to enroll online, over the phone, or in-person here.
All beneficiaries will have an Initial Enrollment Period window for Part B enrollment. This period begins three months before the month you turn 65th birthday and ends three months after. If you don’t enroll during your Initial Enrollment Period and don’t have creditable coverage, you could be subject to a penalty.
What’s the penalty for refusing Medicare Part B?
In most cases, if you do not sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty. You’ll have to pay this penalty for as long as you have Part B. Your monthly premium will go up 10% for each full 12-month period you go without coverage.
You won’t pay the penalty if you meet certain conditions that allow you to sign up for Part B during a Special Enrollment Period. An example would be if you continued working past 65 and had creditable coverage through an employer group health insurance.
Additional Medicare Part B Questions
Get Help with Your Part B Benefits
We can help you avoid paying medical costs that Part A and Part B won’t cover. Our agents have helped people just like you find a supplement plan that fits their healthcare needs. Contact us for a free quote or fill out our online rate form now to get started!