Medicare Part B is one of four parts in the Medicare system: A, B, C, and D. Medicare Part A and Part B make up Original Medicare. As your local advisor in Medicare, we’re here to explain the basics of Medicare Part B: what it covers, how much it costs, and other important items for you to know.
Where Part A is hospital insurance, Part B is doctor’s insurance. It generally covers two types of medical services.
First, Part B covers medically necessary services and supplies, such as outpatient doctor visits, tests, wheelchairs, and walkers. Second, it covers preventive services such as annual wellness exams or routine screenings.
More examples of Part B covered services include:
Not technically. However, if you do not enroll when you are eligible at age 65 or take the proper steps to defer coverage, you can incur penalties that stick with you for life.
You only pay the 20 percent coinsurance after meeting your annual deductible. At this point, Medicare will pick up 80 percent of your covered medical costs. Note that there is no cap on the 20 percent you are responsible for paying.
Read more about how terms like deductible, premium, and other plan costs are defined on our blog.
Keep in mind, the figures above are your costs apply if your only coverage is Original Medicare. One way to lower your out-of-pocket costs is by exploring your Medicare Advantage or Medicare Supplement plan options. Let our advisors do the research for you at no cost!
If you have questions about your plan options or deferring Medicare Part B, contact our team of experts in Dayton and Cincinnati. You can email us at email@example.com or call us at 855.465.2773. We look forward to guiding you towards the right health coverage for your needs.