Medicare Part B
WHAT IS MEDICARE PART B?
Original Medicare includes Medicare Part B. It pays for medically essential care as well as preventive measures. This covers doctor's appointments, outpatient treatment, cancer screenings, medical equipment, and other services. In 2022, the standard monthly premium for Medicare Part B is $170.10.
Medicare Part B Enrollment & Eligibility
You are automatically enrolled in Medicare Parts A and B if you have received Social Security payments for at least four months prior to turning 65.
If not, you must register with Social Security. You can do so by going to the Social Security website or contacting 1-800-772-1213.
Late Enrollment Penalty
Postponing your Medicare Part B coverage might cost you money. You have seven months to sign up for Medicare. It starts three months before your 65th birthday, includes your birth month, and extends for three months after that.
If you miss this deadline, your monthly Plan B premium will rise by 10% for every 12-month period you go without coverage.
Medigap Open Enrollment
Medigap is a type of private supplemental insurance that fills in the gaps in Medicare coverage. It assists in covering coinsurance, deductibles, and copays.
Regardless of your health, you are guaranteed the best price for Medigap coverage by private insurance carriers during the Medigap Open Enrollment Period.
This time limit cannot be modified, extended, or repeated.
If you miss this deadline, you may be unable to purchase Medigap supplementary insurance later. Even if you can, it will be more expensive.
The period of Annual Enrollment is from October 15 through December 7 and Open Enrollment is January 1st through March 31st.
If you are 65 or older and covered by you're employer or had coverage through your spouse, these documents will save you money
Need help signing up for Medicare?
What Does Medicare Part B Cover?
Medicare Part B is the medical insurance component of Original Medicare.
Medically Necessary Services
- Ambulance transportation
- Medical equipment
- Mental health
- Limited outpatient prescription drugs
- Clinical research
- Lab tests
Preventative Care Services
- Disease screenings
- Cancer screenings
- Diabetes self-management training
- Glaucoma tests
- Mental health screenings
- Nutrition therapy services
- One-time Welcome to Medicare preventive visit
- Shots
- Tobacco use cessation counseling
- Yearly wellness visit
The Part B deductible doesn’t apply for yearly wellness visits or most preventative services.
Costs of Medicare Part B
Part B coverage is paid for with a monthly premium or fee. If you receive Social Security, your premium is automatically withdrawn from your Social Security. Otherwise, you will be billed.
The standard Part B premium for 2022 is $170.10. If your adjusted gross income as reported on your individual IRS tax return from two years ago is more than $91,000, your cost may be greater.
Even if you don't utilize it, you must pay your Part B subscription each month.
Medicare Part B Costs
- Standard Premium: $170.10
- Deductible: $233
- Coinsurance: 20 percent after deductible is met
