Want a Detailed Overview on Medicare Part B?
- Jacob Hollingsworth Network Corporation
- Apr 10
- 2 min read
Know what Medicare Part B covers and what it will cost you
Medicare Part B is a crucial component of Medicare, the federal health insurance program for people aged 65 and older, certain younger people with qualifying disabilities according to federal mandate determined by the Social Security Administration, and people with End-Stage Renal Disease (ESRD).
What Medicare Part B Covers
Medicare Part B primarily covers medical services and supplies necessary to diagnose or treat a medical condition. This includes:
Medical Services
Outpatient care
Preventive services
Specialist visits
Ambulance services
Medical Equipment
Durable Medical Equipment (DME) such as wheelchairs, walkers, oxygen equipment
Prosthetics
Orthotics
Outpatient Therapy
Physical therapy
Occupational therapy
Speech therapy
Home Health Services
Part-time or intermittent skilled nursing care
Home health aide services
Therapy services
Preventive Services
Annual wellness visits
Screenings for various diseases (e.g., cancer, diabetes)
Vaccinations (e.g., flu, pneumonia)
Enjoy Medicare Part B
Medicare Part B Costs
Medicare Part B involves several costs, including premiums, deductibles, and coinsurance.
Premiums
The standard monthly premium changes annually. Most people pay the standard premium.
Premiums are additionally based on the income of the enroller.
You may qualify for a premium free plan if you are determined to have a qualifying disability or have ESRD.
Deductible
An annual deductible must be met before Medicare starts paying its share of costs.
Coinsurance
After the deductible is met, typically 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and durable medical equipment.
Enrollment
In order to enroll in Medicare Part B, you must first be enrolled in Medicare Part A. There are multiple enrollment options, but if you do not enroll immediately at the start of your eligibility period, also known as the Initial Enrollment Period (IEP), you will acquire a penalty of 10% each yearly term thereafter. This total can add up quickly.
If you do not enroll during your Initial Enrollment Period, you will need to enroll during the General Enrollment Period (GEP). This period spans from January 1st to March 31st each year.
If you are unable to enroll during your General Enrollment Period, you may also qualify for a Special Enrollment Period if you were initially under the health insurance coverage plan of an Employer whose health plan was deemed “creditable” by the Medicare Modernization Act (MMA). Loss of coverage can include a family member or spouse plan the enroller was currently enrolled in.
This information is for general knowledge and should not be considered medical or legal advice. Reach out for more information on how we can assist you and provide specified direction for you and your healthcare.
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