Medicare Part B is an important part of the full Medicare program that covers outpatient care. This coverage goes beyond your care if you are recovering from a serious disease or surgery: Medicare Part B takes care of everyday outpatient expenses too, and, as a result, is invariably valuable for many.
But do you need it?
That’s the million dollar question, and we’re going to help answer it for you here and now. From how to apply to eligibility to other Medicare Part B frequently asked questions, we’ve got you covered.
Medicare Part B insurance is that part of original Medicare that covers your regular health care and supplies. A few examples of what Medicare Part B may cover are ambulance services, part-time or intermittent home health care, and doctor visits and supplies that are doctor ordered. Durable medical equipment and outpatient rehabilitative services are also part of Medicare Part B health insurance coverage.
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First, a quick refresher on Medicare in general.
Medicare is a government-funded healthcare plan for people over the age of 65 and those with specific disabilities.
You become eligible for Medicare if:
Medicare comes in four different forms: Plan A, Plan B, Plan C, and Plan D.
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Nearing 65 years of age? If you are, you must apply for Medicare for 3 months prior to your birth month and up to 3 months after. If you already receive certain government benefits or those from the Railroad Retirement Board, your enrollment may be automatic but we recommend you check to make sure. If you have worked the required number of quarters, Part A is free but you must apply for Part B Medicare, and for this coverage, you will likely pay a premium.
While the eligibility requirements and coverage of Medicare Part B are rather simple, enrollment can be a little more complex. This complication is due to Part B’s accommodation of different life circumstances.
If you are an American citizen and a permanent resident of at least five years in the United States, then you will be automatically enrolled in Medicare Plan B when eligible. This means that on your 65th birthday, you will be enrolled without you having to do anything.
Or, if you are eligible on the basis of your disabilities, you will be automatically enrolled in Medicare Plan B shortly after you qualify for disability, or when you receive either Social Security Administration (SSA) or Railroad Retirement Board (RRB) benefits.
There are exceptions to automatic enrollment eligibility and they are as follows:
In these circumstances, you will need to enroll manually.
There are some circumstances in which you may need to delay your enrollment in Part B coverage. Perhaps you were volunteering abroad when you turned 65, or perhaps you were still working and receiving major medical insurance coverage from your employer. In cases such as these, you can delay enrollment meaning that you can manually enroll later for Medicare without penalty.
With Medicare Part B, you have to pay regular premiums for your coverage. Those premiums go up 10% for every 12 month period that you were eligible for Medicare but didn’t apply. It is likely that those increased premiums will remain indefinitely.
That’s why it’s important to know how and when to enroll manually so that you do not have to pay those extra premiums.
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While Medicare Part B is not for everyone, it’s good to have if you have health care concerns. In the long run, these expenses can add up, cutting into your retirement savings and forcing you to choose between your health and your wealth.
If you can afford Medicare Part B, it’s certainly worth considering, at the very least. Saving on medicare just got simple, compare your Medicare Part B quote now!
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When eligible, Medicare Plan B must be your primary coverage, meaning that COBRA will be reduced to secondary coverage. However, your dependents will not lose their primary COBRA coverage.
As has been noted, eligibility begins when certain government benefits are received or at age 65. If you are working and covered by a union or employer plan of comparable or creditable benefits to Part B you can apply at a later date with no penalty.
You still have several options if you missed that opportunity. Each year there is a Medicare Part B open enrollment period that allows recipients to consider optional Advantage coverage, changing their Advantage provider or a return to traditional Medicare. In addition, there are other options if you are no longer covered by a union or private plan.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.
