Medicare Part B
Many questions are probably bogglingly your mind if this is first time seeking coverage. Let’s see if we can help answer them!
What is Medicare Part B?
In our Medicare Part A page, we talked about “Original Medicare”. Medicare Part B is the second piece to that term and is also known as medical insurance. Although taken care of most (80%) of your healthcare costs, Medicare Part A & Part B still contain limitations and there is no cap on the amount you’re responsible for.
Without getting into it too much here, please know that we offer Medicare Advantage, Medicare Supplement, and Part D health plans to help you cover what Medicare doesn’t.
In our Medicare Part A page we discussed that it deals primarily with hospital based services, where Part B helps with outpatient care costs.
What does Medicare Part B help you cover?
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Outpatient services
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Home health care
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Preventative services
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Medical equipment
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Ambulance services
You don’t have to worry about certain diagnostic tests and treatments such as radiology services and medical supplies like cast and splints. We are here to answer your questions and guide you to get the best coverage as we know this can be a little overwhelming.
Your annual wellness check and some vaccinations are considered preventative, and fees are covered.
Walkers and wheelchairs fall under the umbrella of medical equipment. Part B helps you with those.
Understanding how it fits together with Medicare Part A to handle general healthcare issues that may arise, how do you take care of the 20% Medicare doesn't cover?
Medicare Advantage and Medicare Supplemental Insurance (Medigap) plans are available to help with some or all of the services Medicare doesn't cover.
Read below for more common questions that come up. We aim to alleviate any pressing questions you may have at this time.
And as always, reach out to us for a more detailed look at how Medicare fits your situation.
Click each link to learn about the other parts of Medicare:
FAQ
Unlike Medicare Part A, which usually has a $0 premium, you will most likely be responsible for a premium and a deductible.
Your standard Medicare Part B premium for 2022 would be $170.10, though it can run higher based on your income two years prior.
*Note: if you're planning on taking advantage of Medicare Part B, sign up once you're eligible to avoid a late penalty. See how to sign up below.
You're automatically enrolled, and your ID card will be mailed to you if you've received Social Security benefits for at least four months before your Medicare eligibility. You can opt-out of Part B coverage at that time, but only if you have an Employer Group Plan or any creditable coverage. If this doesn't apply to you, there are two enrollment periods for Part B.
- Initial
- General
Initial enrollment starts three months before your 65th birthday and your birthday month and ends three months after (a total of 7 months). The Initial period is when most people enroll unless they've opted to stay with their Employer Group Plan.
If you miss your initial or special enrollment period, you'll have to enroll during the general enrollment period, which is January 1 through March 31.
The Social Security Administration administers enrollments in Medicare. For more specifics, we can give you a clearer picture based on your situation.
How long does it take to get enrolled in Part B?
This will depend on your situation and if the requested documents are in order. Apply as early as your situation allows so that Social Security has plenty of time to process your application before your requested effective date.
Two periods of enrollment exist:
- Initial
- General
For more specifics, we're available to give you a clearer picture based on your situation.
Two periods of enrollment exist:
- Initial
- General
Initial enrollment starts 3 months before your 65th birthday, your birthday month and ends 3 months after (total of 7 months).
If you miss your initial or special enrollment period, you'll have to enroll during the general enrollment period. You can expect coverage to begin on July 1st of the year you apply.
For more specifics, we’re available to give you a clearer picture based on your individual situation.
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