Medicare Part B is the second half of Original Medicare. It covers medical services and care received when you’re not hospitalized – which is handled by Part A. So, every time you visit a doctor, specialist or medical provider, your Part B will pay 80% of the bill, leaving you with the other 20%. That 20% is uncapped and could devastate you financially if not covered by either a Part C plan (also known as a Medicare Advantage plan) or a Medicare Supplement plan (also known as a Medigap plan).
Who is eligible for Part B?
Seniors turning 65 are automatically eligible to enroll in Medicare Part B, which comes out of their social security check if they are taking social security retirement income. Seniors who are on group health insurance can delay Part B while they’re covered by their group health plan, enabling them to save money that would’ve been spent on the Part B premium.
What is covered under Part B?
If you receive Medicare-approved care from any health care provider and you’re not hospitalized, you’re using services covered under Part B. Whether you’re going to the doctor, getting a lab or x-ray, or seeing a specialist – all of these are covered by Medicare Part B, up to 80% of the Medicare approved amount.
How much does Part B cost?
Seniors aging into Medicare at age 65 are entitled to Medicare Part B as long as they pay their monthly premium, which is $135.50 (in 2019). Higher income seniors may have to pay a higher premium, called income-related monthly adjustment amount or IRMAA. This higher premium can range from $189.60 to $460.50 per month. But remember, whatever you pay for your Part B premium only covers 80% of your medical services, so you’ll still have to enroll in another plan to pick up the remaining 20% – whether it’s a Medicare Supplement or a Medicare Advantage Plan.
When can I enroll in Part B?
There are three events that give seniors an opportunity to enroll in Part B: after receiving social security disability income (SSDI) for more than 24 months, when turning 65 and entering Medicare, or if you’re at least 65 years old and coming off of a Group Health Insurance plan.
How do I enroll in Part B?
Enrolling in Part B is quick and easy. You have a few options: visit your local social security office to apply, call Social Security at 1-800-772-1213, or go online and complete an electronic enrollment. Once you enroll and get your effective date, you can start shopping for Medicare Supplement or Advantage plans to take care of the remaining 20% of medical care costs that Part B doesn’t cover.
