Medicare Part B is one of the most important parts of Medicare. It covers a lot of important services that can help keep you healthy. But what is Medicare Part B all about?

Medicare Part B pays for medical services that Medicare Part A does not cover, such as doctors’ visits, outpatient care, and other medical treatments. The standard premium is $148.50 per month for individuals making less than $88,000 a year and for couples making less than $176,000 a year.

We will break down Medicare Part B and explain what it covers. We’ll also discuss when you should enroll in Part B and how much it costs. So, if you’re curious about Medicare Part B, keep reading!

How High Can Medicare Part B Premium Go?

The premiums go up to $504.90 per month for higher earners. It’s also important to note that Medicare looks back two years on your taxes when determining your income. If you’re going on to Medicare in 2021, Medicare will look at your earnings for 2019 in determining your Part B premiums. A lot of people ask about the Part B late enrollment penalty. I will address the Part B late enrollment penalty in a different blog.

What Does Medicare Part B Cover 2021?

• Services from doctors and other health care providers
• Outpatient care 
• Home health care
• Durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment).  
• Part B also covers many preventative services (like screenings, shots or vaccines, and yearly “wellness” visits.)  

Does Medicare Part B Cover Inpatient Services?

Medicare Part B can also cover us for many procedures we get while an inpatient in the hospital. This includes, but is not limited to:

• MRI’s Cat Scans
• X Rays
• Physical therapy and more

Medicare Part B also covers us for things like:

• Kidney dialysis
• Chemotherapy
• Radiation for cancer treatment

Speaking of cancer, we have a very comprehensive cancer insurance plan. I have the details in another blog.

Is it Mandatory to Have Medicare Part B?

Many new Medicare beneficiaries ask if they need Medicare Part B. The answer is if Medicare is going to be your primary insurance then yes it probably is a very good idea to have Medicare Part B. If you’re not sure if you need Part B on page 19 of the 2021 Medicare and You handbook there is an excellent section titled Should I get Part B? This is what page 19 looks like. But for the time I won’t go into it. If you have questions I would be more than happy to answer them with you.

When Can You Sign Up for Medicare Part B?

First to know, if you are receiving social security, Medicare will enroll you automatically in Medicare Part A and Medicare Part B. Some individuals choose to take social security before they are eligible for Medicare at age 65. If you’re receiving payments from social security, you’ll automatically be enrolled in Medicare Part A and Medicare Part B and social security will automatically start deducting the appropriate Part B premium from your social security benefit. If you wish not to accept Medicare Part B. You can simply fill out the form that comes with your Medicare card and send it back to Medicare.  

How to Enroll in Medicare Part B?

Now if you are not on social security and would like to enroll in Medicare Part B you’ll need to do that yourself. There are three ways. First, you can call social security. You’d think you need to call Medicare, but to enroll in Medicare you contact social security, the phone number is 800-772-1213. Second, you can go directly to a social security office, and third and the easiest in my opinion is to simply enroll online.

I have made a website with a tutorial video on how to do this. The video also includes screenshots from social security’s website that I took when I did a mock enrollment. The website is https://trustedbenefitsdirect.com/part-b-now. The site also includes a link directly to where you need to go to get to the right social security website to sign up. Now there’s an enrollment window to sign up for Part B. The window lasts 7 months. It’s 3 months before your birthday, the month of your birthday, and three months after your birthday. If you miss the enrollment window and don’t have a special circumstance, like having employer coverage and would like to enroll later you will likely incur the Part B late enrollment penalty. Like I said before, I have a different blog about that. 

Does Medicare Cover all Costs?

As I always say, Medicare doesn’t cover 100% of the bill. Medicare Part B is no different. We all hear about Medicare and the 20%. This is where the 20% comes in. Part B will pay 80% of Medicare Part B approved claims after the Part B deductible has been met. In 2021 the Part B deductible is $203. Let’s talk about the Part B deductible and how it works. First to know this deductible is once per calendar year. Because the deductible is so low I get asked, “Chris, do I pay the first $203 of every Part B claim before the 80% kicks in?” 

The answer is no. You pay the first $203 of Part B claims, and when you have paid that then Medicare will pay 80% of the bill and you are responsible for the remaining 20%. Again the Part B deductible in 2021 is $203 and is once a calendar year. Pretty affordable in my opinion. Once you have paid the deductible, now Medicare will pay 80% of all Part B claims and you’ll be responsible to pay the other 20% to the provider. But this is where a Medicare Supplement also called a Medigap plan comes in. You can purchase a Medicare Supplement plan to cover the other 20% for you so you don’t have any surprises. 

Key Takeaways

Medicare Part B is called medical insurance. It helps to cover: 

• Services from doctors and other health care providers
• Outpatient care
• Home health care
• Durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment).  
• Part B also covers many preventative services (like screenings, shots or vaccines, and yearly “wellness” visits.)

The Medicare Part B standard Premium is $148.50 per month and goes up from there depending on your Income

• You will be automatically enrolled if you are on social security and if you are not drawing a social security benefit and would like Part B you need to enroll yourself.  
• There’s a 7-month window of the initial enrollment for this and if you enroll outside of this window you may incur a Part B late enrollment penalty if you don’t have a special circumstance like having group employer coverage.  
• Lastly, the Part B deductible in 2021 is $203 and that is a once per year deductible, then after that $203 deductible Medicare will pay 80% of your Part B claim and you are responsible to pay the remaining 20%. There you can purchase a Medicare Supplement plan to pay this 20%. 

About The Author — Christopher Duncan

I’m Chris Duncan, owner of Trusted Benefits Direct. As your Medicare advisor, I want you to know that my business offers superior solutions for everyone. I do not work for insurance companies, which allows me to serve you at a high level without any hidden agendas or conflicts of interest. All resources are provided at no cost because people must find peace of mind when looking ahead years down the line.

As an insurance agent, it’s my goal to make your life easier. That includes the process of securing all types of coverage for you and your loved ones, including Medicare Supplements, Medicare Advantage, Medicare Part D, Final Expense life insurance services, and retirement security plans. You can reach me toll-free at 800-910-3382 or get a free quote on MedicareRateQuote.com with just a few clicks! Don’t forget that I also offer contact forms if you would like more information from trustedbenefitsdirect.com – click here now!

Important YouTube Channel Details

I appreciate you looking through my article. If it is interesting to you, please subscribe to my YouTube channel. Don’t forget to share this on social media channels such as Facebook and Twitter so your friends can read it too! I appreciate it when people take the time to comment or post their opinion of my articles to continue writing content related to Medicare basics, Medicaid Made Clear, Medicare Explained, Medicare 101, and others. It’s always nice to know that you’re reading my blog! Of course, I’m looking forward to seeing more of you soon on my next blog!