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, and other services. In 2018 Medicare Part B usually will cost you $134 a month or up to $428.60 a month based on Income Related Monthly Adjustment Amount (IRMAA). In 2021 the minimum cost for Part B is $148.50.
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.
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 paying $134 a month for Part B ($148.50 in 2021), your state Medicaid may help you for pay for it.
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.
5 ways to pay your Medicare Part B premium
► 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.
Remember Medicare Part A & B only covers you for 80% of the bill. It is important to look at options to cover the 20% that Medicare does not cover. Furthermore, Medicare Part A & B does not cover medications (Rx).