Medicare Part B
When it comes to Medicare coverage, there are two main parts to consider. Medicare Part A covers hospital and home care, while Part B can help cover routine medical expenses. Most people are automatically enrolled in both parts upon turning 65, but those with coverage through a spouse or employer can opt out of Part B. Part B requires a monthly premium, which is calculated based on income. Medicare strives to make coverage affordable, and in some cases, Part B can be obtained for under $150 per month. Even if you don’t qualify for premium-free Part A, you may still be eligible for Part B benefits.
Part B
If you need ongoing treatment for a health condition from your primary care doctor, Medicare Part B can help cover many of the related costs. As a new Medicare enrollee, you can have a free “Welcome to Medicare” preventative visit, and depending on your specific needs, some supplies and services may be low cost or even free.
In addition to outpatient care and preventative services, Part B also covers durable medical equipment and other expenses. Some people receive the same benefits as Part B through a Medicare Advantage plan, which can provide equal or greater benefits.
Special Considerations
It is important to note that there are specific enrollment requirements for Medicare Part B, and failure to enroll automatically when turning 65 or due to a disability may result in a penalty. Those who choose not to enroll in Part B due to having health insurance through their employer should pay attention to specific timelines to avoid additional fees if and when their employer-provided coverage ends.
Although having a fixed set of bills during retirement is a relief, individuals should be aware that the premiums for Medicare Part B may change each year. Most individuals have their premium automatically deducted from their Social Security benefits, while others receive a bill every three months.
Moreover, enrolling in Part B initiates a six-month window for a Medigap Open Enrollment Period, during which individuals can select supplementary plans to enhance their existing coverage. Although these plans may be added later, this open enrollment guarantees the issuance of the plan, regardless of any pre-existing health conditions.
Deductibles associated with Part B may also change each year but are usually a few hundred dollars. Additionally, individuals are generally responsible for paying 20% coinsurance on covered services, meaning that even if they visit a Medicare provider for routine care, they may still incur out-of-pocket expenses.
Our Agents
Our team is made up of compassionate, friendly individuals who understand the unique needs of older adults. We take the time to listen to your concerns and provide personalized solutions that work for you. We provide additional and detailed information on Medicare Health Plans and a no-cost plan comparison to determine if you qualify for additional benefits.
