What is Medicare Part B Insurance?
How much does Medicare Part B Insurance cost?
The federal government sets the Part B monthly premium of $170 in 2022. However, it may be higher if your income is more than $88,000.
You’ll also be subject to an annual deductible, set at $203 for 2022. And you’ll have to pay 20 percent of the bills for doctor visits and other outpatient services. The monthly premium will be deducted from your monthly benefit if you are collecting Social Security.
Medicare Part B Insurance FAQs
There are some services that aren’t covered by Part B. If you need these services, you’ll need to pay for them out of pocket. Some examples of these include:
If you’d like prescription drug coverage, you can purchase a Medicare Part D plan. Part D plans are offered by private insurance companies and include most prescription drugs.
Additionally, Medicare Part C (Medicare Advantage) plans include all services covered under original Medicare as well as some additional services like dental, vision, and even fitness programs. If you know you’ll need these services frequently, consider a Part C plan.
Initial enrollment period. This is a 7-month window around your 65th birthday when you can sign up for Medicare. It begins 3 months before your birth month, includes the month of your birthday, and extends 3 months after your birthday. During this time, you can enroll for all parts of Medicare without a penalty.
Open enrollment period (October 15–December 7). During this time, you can switch from original Medicare (parts A and B) to Part C (Medicare Advantage), or from Part C back to original Medicare. You can also switch Part C plans or add, remove, or change a Part D plan.
General enrollment period (January 1–March 31). You can enroll in Medicare during this time frame if you didn’t enroll during your initial enrollment period.
Special enrollment period. If you delayed Medicare enrollment for an approved reason, you can later enroll during a special enrollment period. You have 8 months from the end of your coverage or the end of your employment to sign up without penalty.
Medicare overall is not easy to understand, and you need to consider many factors before finalizing which one is the right fit for you. Our experts can help guide you. Talk to us today to know more.
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