Medicare Part B

Medicare Part B – Medical Insurance

Original Medicare also includes Part B, also known as medical insurance. It covers care received from a qualified provider in the United States that is enrolled in Medicare and accepting Medicare patients. Medicare Part B covers doctor visits and outpatient care, including:

Doctor visits, including when you are in the hospital
An annual wellness visit and preventative services, like mammograms and flu shots
Clinical Laboratory services, like blood and urine tests
X-rays, CT Scans, EKG’s, MRI’s, and some other diagnostic tests
Some health programs, like smoking cessation, cardiac rehab, and obesity counseling
Physical therapy, occupational therapy and speech-language pathology services
Diabetes screenings, diabetes education, and certain diabetes supplies
Mental Health Care
Durable medical equipment for use at home, like wheelchairs and walkers
Ambulatory surgery center services
Ambulance and emergency room services
Skilled nursing care and health aide services for the homebound on a part-time or intermittent basis

What isn’t covered by Part B

Eye exams, eyeglasses, or contact lenses
Acupuncture
Most prescription drugs
Home health care
Hearing Test or hearing aids
Dental exams, cleanings, x-rays, or routine dental care

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What Does Medicare Part B Cost?

There is a premium associated with Medicare Part B. For 2020, that premium is $144.60/mo for most people who are turning 65. If you fall into one of Medicare’s higher income brackets, you may have to pay more than that. This is called IRMA (Income-Related Monthly Premium Adjustment for Part B).

The premium for Part B does change annually in most years. There is a “hold harmless” provision that prevents increases in the Part B premium during years in which there is no cost-of-living increase to Social Security payments. In that instance, your Part B premium would stay the same, although premiums for new Medicare-eligibles may be higher. For this reason, different people are sometimes paying different amounts for the same Part B benefits.

Most people choose to pay the Part B premiums directly out of their Social Security checks. This is, by far, the easiest way to pay the premiums. However, if you are not receiving Social Security yet, or do not want to pay it that way, you do have the option of being billed by Social Security for your Part B premiums on a quarterly basis.

Would you like to enroll in Medicare now to avoid a late-enrollment penalty?

Signing up for Medicare Part B is very easy to do. First of all, if you are already receiving Social Security when you turn 65, you will be enrolled automatically into Medicare Parts A and B. They will begin on the 1st day of the month that you turn 65. The only exception to this is if your birthday is on the 1st of a month – in this case, your Medicare will begin on the 1st of the preceding month.