Medicare Part B
Part B covers most of the out-patient medical services like, for example, lab tests, consultations and preventive screenings from licensed health professionals and facilities. On top of that, it also includes coverage to expenses for medical supplies or equipment needed for use at home like wheelchairs, walkers, or even oxygen tanks.
Other services covered by Part B are home health services, emergency transportation via ambulance for specific medical situations, therapy services like speech therapy or occupational therapy, Mental health services, chiropractic care, x-rays and even selected prescription medicines administered by health care providers.
How much does Medicare Cover for Part B?
Based on the cost-sharing, Medicare usually pays 80% of your out-patient medical-related expenses under Part B. You will only pay 20% of it. Keep in mind however, that a 20% responsibility can be crippling financially for some families. If this is you, you may want the peace of mind of supplemental coverage such as one of the Part C plans.
How much does Medicare Part B cost?
Medicare Part B will have a monthly premium for benefits. In most cases, the government sets a standard monthly premium. For 2020, the base rate for Part B coverage is $144.60 per month for new enrollments. Keep in mind, however, that your premium may be higher, depending on your income level.
For more details on Medicare Part B costs to you, speak with one of our Medicare experts. In most cases, Medicare Part B premiums are deducted directly from your Social Security check, if you have enrolled in Social Security benefits. Otherwise, you will get a quarterly invoice.
How to Join Medicare Part B?
Just like Part A, if you are already receiving benefits from Social Security, you are automatically enrolled in Part B three months before your 65th birthday. If not, you will have to apply online through their Social Security Website, or you can call us to assist you better.
An important note: To avoid paying the penalty, you must apply for Part B together with Part A on your initial enrollment.
Currently this year (2020), you will pay an amount of $144.60 every month if you’re a new enrollee. The amount varies depending on your annual income.
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