Medicare Part B

Medicare Part B Premium and Benefits for 2021

 

  • Part B covers 2 types of services

    • Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
    • Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.
    •  

Click link to view the official U.S. government Medicare handbook  Medicare and You 2021

YOUR MONTHLY PREMIUM

Monthly Premium Starting at $148.50 Per month.

The standard Part B premium in 2021 is $148.50. Most people 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'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium

Medicare Part B Premium and Benefits for 2021

ANNUAL DEDUCTIBLE

MEDICARE COVERS

Incurred Expenses offer the required Medicare deductible

YOU PAY

$203 annual Deductible

MEDICAL EXPENSES: Physicians services for inpatient and outpatient medical/surgical services, physical/speech therapy, and diagnostic test.

MEDICARE COVERS

80% of approved amount

YOU PAY

20% of approved amount

EXCESS DOCTOR CHARGES

MEDICARE COVERS

0% Above approved amount

YOU PAY

All costs

CLINICAL LABORATORY SERICES

MEDICARE COVERS

Generally 100% of approved amount

YOU PAY

You could pay all costs if not approved.

HOME HEALTHCARE

MEDICARE COVERS

100% of approved amount, 80% of approved amount for durable medical equipment

YOU PAY

Nothing for services; 20% of approved amount for durable medical equipment

OUTPATIENT HOSPITAL TREATMENT

HOSPITALIZATION DAYS

Medicare payment to hospital, based on outpatient procedure payment rates

MEDICARE COVERS

Coinsurance based on outpatient payment rates

BLOOD

MEDICARE COVERS

80% of approved amount after first 3 pints of blood

YOU PAY

First 3 pints plus 20% of approved amount for additional pints

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  • A broker can compare many companies and plans and explain the differences to you. A company agent only knows their plans and can only offer their plans.
  • A broker continues as an advisor to you. If your health changes and plans premiums and benefits change a broker can keep you current.
  • If you have questions or issues, your broker is an additional asset that you can rely on and understands the plan you are on.

When you’re first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.

If you’re eligible for Medicare when you turn 65, you can sign up during the 7-month period that:

  • Begins 3 months before the month you turn 65
  • Includes the month you turn 65
  • Ends 3 months after the month you turn 65

Your employer cannot require you at 65 years old to go on Medicare, or pay for the premiums for a Medicare Supplement Plan or Advantage Plan to induce you to take Medicare. However, the law (known as ERISA) applies only to employers with 20 or more workers.  So if you work for a smaller business or organization, you may be required to enroll in Part B at age 65.

If you are, receiving Social Security you will automatically be enrolled  in Part A and Part B just before your 65th birthday.  The letter sent to you with your Medicare card explains your right to opt out of Part B if you have employer insurance that is (creditable) coverage. To opt out, follow the instructions included in that letter within the specified deadline.

You automatically get Part A and Part B after you get one of these:

  • Disability benefits from Social Security for 24 months
  • Certain disability benefits from the RRB for 24 months

You can apply online by copying and pasting:

https://secure.ssa.gov/iClaim/rib 

Or call Social Security at: 800-772-1213

NO: If you receive COBRA benefits you are no longer working for this employer. If you wait until these benefits have expired before enrolling in Part B, you won’t qualify for a special enrollment period for Part B. Instead, you’ll likely pay late penalties, and you would be able to enroll only during the General Enrollment Period that runs from Jan. 1 to March 31 each year, with coverage not beginning until the following July 1.

READY TO TAKE THE NEXT STEP

To get more information to help make a good decision about your Medicare Insurance Plan or compare your present plan, call 800-641-3315 or set a phone appointment with a licensed agent.

You can also attend our Medicare Educational Online Webinar.

There is no cost to our services

Medicare Educational Event online at no cost. We will cover Parts A, B, C, D and Medicare Supplement Plans. Bring your questions to be answered.

Click to register at Medicare 101 online