Enrolling in Medicare Part B
Your enrollment in Medicare Part B is directly related to receiving your social security benefits. If you’re already receiving your social security benefits before age 65, your enrollment into Medicare Part B will be automatic.
If you are not receiving your social security benefits, then you will have to register for Medicare Part B if you plan on starting Medicare. Some people choose to delay their Medicare which you may be able to do as well depending on your situation.
There are three different ways to register for Medicare:
- You can register online by visiting social security’s website.
- You can call social security and complete the process over the phone.
- You can register in person at your local social security office.
What is Medicare Part B?
Medicare Part B (medical insurance) is the part of Medicare that covers medical services and supplies that are necessary to treat your health condition. This includes such services as outpatient care, preventive services, ambulance service, therapy services, and durable medical equipment.
Medicare Part B covers some preventive services as well. This includes a one-time “Welcome to Medicare” preventive visit, flu and hepatitis B shots, cardiovascular screenings, cancer screenings, diabetes screenings, and more. A full list of preventive services covered by Medicare Part B can be found in the handbook, “Medicare and You.”
Many people assume that Medicare Part B will provide them with 100% coverage. But that’s not the case. Medicare Part B comes with an annual deductible of $198 (for 2020). After you reach this deductible, Medicare Part B will pay 80% for services. And you are responsible for the other 20%.
This is one of the scarier parts of Medicare because here is no limit to the remaining 20%.
Medicare Supplements or Advantage Plans are important to help with this expense. They work in different ways but both protect people from large medical bills from the remaining 20% not covered by Part B.
What is the cost for Medicare Part B?
The standard Part B premium amount in 2020 is $144.50. Most people will pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
If you have questions on Medicare supplements, Medicare Advantage plans, or even how to enroll in Medicare please contact me at 608-571-4461 or Mike@askMedicareMike.com right away so I can make your transition as smooth as possible for you.