What is Medicare Part B
What is Medicare part B?
What is Medicare Part B? Medicare Part B is medical services or supplies needed to treat or diagnose medical conditions. Medicare part B covers you when you visit your Primary Doctor, Specialist, ambulance service, durable medical equipment, clinical research, X-Rays and other services.
In 2021 the minimum cost for Part B is $148.50 and depending on your income you will pay more for Medicare Part B. Visit the Social Security website for information. Click here.

Do I need Medicare part B?
Do I need Medicare Part B?
The short answer is it depends on the type of health insurance you have.
►If you are turning 65 years old and will keep working
People who are still working and with group medical insurance may delay enrolling in Medicare Part B.
► If you have a medical insurance through the Marketplace (Obamacare) or other private medical insurance. You should enroll in Medicare part B and drop your Marketplace (Obamacare) or private medical insurance.
► If you have CHAMPVA or TRICARE and retired. You should enroll in Medicare part B to keep your CHAMPVA or TRICARE coverage.
► If you have Veteran’s benefits. You should enroll in Medicare part B.

Medicare Late Enrollment Penalty
If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty. You have to pay a penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B. You may have to wait for the Open Enrollment Period (usually Jan 1 to march 31) to enroll in Part B and coverage will start July 1 of that year.
If you are worried about paying $148.50 a month in 2021, you may qualify for state Medicaid. Medicaid will pay the cost of Medicare.

Medicare Coinsurance
Medicare Part B has a deductible and coinsurance
In 2018 the Medicare Part B deductible is $183 per year after you meet your deductible, you will pay 20% of the Medicare approved amount for services covered under Medicare part B.
Your first visit to your Doctor you will pay $40 if your Doctor’s bill is $200. $200 – 80% (Medicare covers 80%) = $160 covered by Medicare. You pay $40 to cover the Doctor Bill. Your Part B deductible goes down to $143 ($183 -$40 = $143).

Paying for Medicare Part B
Ways to pay your Medicare Part B premium
► Automatically deducted from your Social Security Pension.
► Pay directly from your bank. Visit your bank’s online payment bill service.
► Sign up for Medicare Easy Pay.
► Pay by credit card or debit card. You will receive your Medicare bill by mail complete the bottom portion of the payment coupon.
► Pay by check or money order
Medicare Premium Collection Center
PO Box 790355
St. Louis, MO 63179-0355
► If you are receiving Social Security Pension or Railroad Retirement Board benefits, your Medicare Part B premium can be deducted from your benefit payment.
If you have questions about your Medicare Part B bill
Call Social Security at 1-800-772-1213 (TTY: 1-800-325-0778).
If you don’t pay your Medicare Part B
You will have 3 chances to pay your Medicare Part B bill, 1st – Initial bill, 2nd – Second Bill, 3rd – Delinquent Bill. If you don’t pay your Delinquent bill, you’ll lose your Medicare coverage.

Cover the 20% that Medicare Part B does not cover.
Remember Medicare Part A & B only cover 80%. It is important to cover the 20% not covered by Medicare with a Medicare Supplement plan or Medicare Advantage plan.
These two options (Medicare Supplement or Medicare Advantage) will cover or help you cover the 20% that Medicare Part A & B do not cover. Call me to help you with Medicare at (915) 255-9077
