Medicare Part B coverage provides you access to a variety of outpatient medical services. Part B covers preventive care including flu shots, colonoscopies, mammograms and more. It covers ordinary outpatient things like doctor’s visits, lab testing, home health care, ambulance rides, and some chiropractic care too.
However, Medicare Part B also covers services that sometimes occur in the hospital.
This includes things like physician’s services, radiation or chemotherapy for cancer, surgeries, diagnostic imaging, medical equipment, and even dialysis for failing kidneys. Medicare Part B will also pay for drugs administered in a clinical setting, such as osteoporosis injections, infused drugs, antigens, and insulin that is used with an insulin pump.
Otherwise, outpatient drugs fall under Part D.
Part B is optional, but if Medicare is your primary coverage, you definitely need Part B. You also cannot get Medicare supplement coverage (Medigap) without it.
Medicare Part B provides coverage for normal outpatient medical services once admitted to a hospital and some homebound services administered by physicians and skilled nurses or therapists.
Those taking Social Security income benefits at age 65 will typically not need to enroll. The Social Security office will automatically enroll you. Your card generally arrives in the mail 1-2 months prior to your 65th birthday.
All others will need to apply for Medicare Part B themselves at age 65. This can be done online, over the phone, or in person at your local Social Security office. After applying, it generally takes 2-3 weeks for your card to arrive in the mail. So, it is best to ensure that you are applying several weeks prior to when coverage is needed.
To apply for both SS retirement benefits and Medicare at the same time, visit this link:
https://www.ssa.gov/retire
To apply for just Medicare, visit this link:
https://www.ssa.gov/benefits/medicare/
For most Medicare Part B in 2023 has a premium of $164.90. The image here shows what your premium will be depending on your income in 2021.
If you do not sign up for Medicare Part B when first eligible, you will incur the late enrollment penalty. This penalty is equal to 10% per year for every year that you waited to enroll. This penalty is applied to the $164.90 premium that Medicare Part B has, or to what you pay towards Medicare Part B premium.
A Late enrollment into Medicare Part B is when you do not apply for Medicare Part B when first eligible and do not have creditable coverage. Creditable coverage can include group coverage, work place coverage, and few others.
General costs associated with Medicare Part B:
The Coinsurance applies to most services, such as surgery and chemotherapy.
You do not necessarily need to be responsible for all of these costs, Medicare Supplement Plans and Medicare Advantage Plans are available to all that are on Medicare and can help in reducing the costs for many services.