What is Medicare Part B?
What is Medicare Part B?
Medicare Part B generally speaking is what covers your medical services when you go to see a doctor. Part B is part of Original Medicare which is made up of two parts: Part A and Part B. Here we will go over your Part B enrollment, how much Medicare Part B costs and what it will cover for you. Below we go over Part B but if you should have specific questions relating to your situation feel free to call us at 866-319-5886.
What Does Part B Cover?
Medicare Part B is what covers your medically necessary services. This is applies to a large range of services when you go and see your doctor. Your appointments, preventative care, ambulance rides, tests and outpatient surgeries are all covered under Part B.
Some of the preventative services covered by Part B are:
- Flu shots
- Hepatitis B shots
- Mammograms
- Colonoscopies
- Cancer Screenings
- Diabetes Testing
- Cardiovascular Screenings
There are more preventative services covered by Medicare but these are some of the most common and asked about services. There are limits and restrictions to these tests under Medicare so it is always best to make sure they are covered by Medicare before you have any tests done.
Medically necessary equipment, also call durable medical equipment, is also covered by Medicare Part B. Some examples of durable medical equipment are blood sugar test strips and lancets, canes, wheel chairs, crutches, walkers and other similar items that are prescribed by a doctor for use in your home. Part B also covers some of the expensive services that are only provided in the hospital. Some examples of this would be certain treatments for cancer such as chemotherapy, surgeries, diagnostic imaging and dialysis for those with kidney failure. There are also some medications that will be administered to you in a clinical setting, those drugs will be covered by Part B of Medicare. All other prescription medications are covered by Part D of Medicare. If you are using Medicare as your primary source for insurance, Part B will be necessary for you to enroll in. Without Part B you will be putting yourself at a very large risk financially. Also, if you are looking to get a Medigap supplement you need to be enrolled in both Part A and Part B of Medicare. Part B will only cover 80% of your medical costs after you have paid your deductible, so a Medicare supplement plan is a great option to help cover those costs.
What Isn't Covered by Part B?
Generally speaking Medicare Part B is not going to cover dental and vision services. Routine dental and vision services will be covered by a separate insurance policy unrelated to Medicare.
Hearing aids also are not covered by Medicare. Procedures that are considered elective such as cosmetic surgeries will not be covered. Medicare will only be covering things that are deemed medically necessary, so if you are unsure if you will be covered by Medicare you will want to talk with your doctor, agent or Medicare to make sure you will be covered.
How Much Does Medicare Part B Cost?
Part B does have some costs to you. You will have to pay a monthly premium, deductible and coinsurance.
Premium: Part B has a premium that everyone will pay on a monthly basis. In 2019, the base cost is $135.50. This cost is determined by your reported income. Those who have a higher income will have a higher monthly premium depending on what bracket you fit into.
Deductible: There is a $185 annual deductible that you will have to pay before Medicare Part B coverage begins.
Coinsurance: After you have paid your deductible, Medicare Part B will pay 80% of all Medicare approved services. This means that 20% of your healthcare will be billed to you. There is no cap or limit as to how much you can be charged.
There is a penalty for enrolling late into Part B and will be a penalty that you will pay for life. It is important to make sure you don’t miss your enrollment window. If you aren’t sure what your window is you can call us at 866-319-5886 and we will be happy to help you.
Are There Options To Help With Part B Costs?
If you are enrolled in both Part A and Part B of Medicare a great option to consider is a Medicare supplement plan. Two of the most popular plans to help cover your costs are Medicare supplement Plan G and Plan N. Both of these plans will help relieve you of most of the financial costs that would be passed on to you from Original Medicare. Remember, Medicare Part B costs are 20% after you meet the deductible. That means you will be responsible for 20% of every bill with no limit under Original Medicare. This can be easily avoided with a Medicare supplement that will cover that 20% for you.
How Do I Enroll Into Medicare Part B?
Anyone who is already getting their Social Security income benefits when they turn 65 does not have to worry about getting enrolled. Social Security automatically enrolls those who are already getting their Social Security benefits. You can expect to get your Medicare ID card in the mail 1 to 2 months before the month of your 65th birthday.
If you are not getting Social Security benefits you will need to apply for your Part B of Medicare. You can start applying for Part B 3 months ahead of your 65th birthday. You can do this by calling Social Security, going online to their site or you can visit your local office to get it set up. It will take a few weeks for your card to arrive in the mail, so it is best to apply for your Medicare Part B as soon as you can so you have your card when your Medicare benefits start.
Your Part B premium will be taken out of your Social Security checks if you are getting them. Anyone that is not taking Social Security benefits yet will be billed quarterly for your Part B premium.
People who are still working and are provided insurance through work can delay their Part B benefits until they are ready to retire. You can do this without getting a penalty. Once you retire, you will have eight months to enroll for Part B and avoid the penalty.
Need More Help With Medicare Part B?
There are many different options to help you cover the costs associated with Part B of Medicare. You can choose a Medigap plan or Medicare Advantage Plan to help you reduce the costs that will be passed on to you.
If you are not sure which plan is going to work for you give us a call at 866-319-5886 or fill out the form below for more additional information or to get a FREE quote. We will help you find a plan that will work for you and your budget and also avoid all of those large out of pocket costs.