Medicare is a federal insurance program with which most seniors are familiar. However, the coverage included, and the cost of each coverage can be quite confusing. This is why Generations Insurance is here to break down Medicare Part B for you.
What Is Medicare
As we mentioned before, Medicare is a federal insurance program specifically designed for American citizens who need help with the cost of obtaining medical assistance and treatment. It is a program for senior citizens who are 65 or above.
Medicare Part B Enrollment
When you’re first eligible for Medicare Part B, you should sign up during that window. If you end up signing up for Medicare Part B after you were first eligible, you might have to face a late enrollment penalty. This means the enrollment penalty for Medicare Part B premium could be 10% higher than the initial amount. However, there are times when you automatically enroll for Medicare Part B as well. Furthermore, you need to keep in mind that you can sign up during the Initial Enrollment Period if you’re not automatically enrolled.
Cost Of Medicare Part B
When it comes to each coverage included in Medicare, the costs vary. To receive Medicare Part B benefits, you will need to pay a premium. The premium amount will be set according to your income by the federal government. However, these are some factors you should keep in mind:
- Your Part B premium may change each year since Medicare set Part B premiums almost every year.
- The premium of Medicare Part B gets deducted from your social security benefits
- If you end up signing for Medicare Part B after the window closes, you would have to pay a late enrollment penalty
Medicare Part B Coverage
Part B includes services that you may not find in Medicare Part A. Medicare Part B focuses on providing outpatient services to meet the patient’s healthcare needs and requirements. For instance, you will receive coverage of making visits to the doctor’s office, lab costs (X-ray and Blood tests), Preventive care services, medical equipment, therapy, and ambulance services.
Other than this, Part B also includes preventative services such as flu shots, bone density measurements, depression screening, alcohol misuse screening, etc.
Get Medicare Help from Generations Insurance
We at Generations Insurance understand that many senior citizens who want to enroll for Medicare face a lot of confusion about whether they are eligible and when the enrollment period opens. However, you have nothing to worry about. If you have any concerns or questions regarding Medicare, contact us today.