How much does Medicare Part B cost?

The Medicare program may be confusing and complex to fully grasp. It’s difficult for individuals to know whether or not they have selected the right amount of coverage for their needs. It’s vital to be properly insured to protect both your health and your finances, so your Medicare coverage shouldn’t be left to chance. Pass the task of finding your Medicare plan to us! We know where to look and what to look for in optimal coverage. After learning about your situation and unique needs, we won’t rest until we’ve located the right plan for you.

What is Medicare?

Medicare is a federal health insurance program that has been providing health coverage for millions of Americans since it was first introduced in 1965. The program is administered by the Centers for Medicare & Medicaid Services (CMS) and provides health insurance to people over the age of 65, those with certain disabilities, and people with end-stage renal disease (ESRD) and amyotrophic lateral sclerosis (ALS).

Medicare has several parts, including a Medicare Advantage plan, prescription drug coverage, and parts A & B. Each part provides different types of coverage. Eligibility for each part varies. It’s important to understand the different parts of Medicare to make the best decisions about your healthcare coverage. Today we’re looking into Medicare Part B and what it can potentially cost.

What is Medicare Part B and what does it cover?

Medicare Part B provides coverage for outpatient benefits such as doctor visits, lab work, and surgery fees. You must pay a monthly premium for Medicare Part B, and you can enroll either online, by phone, or at a local Social Security office. Turning 65 and still have group health plan or insurance through an employer? You can delay enrollment into Medicare Part B in favor of your group health insurance without fearing a late penalty.

Medicare Part B helps cover medical services like doctor visits, outpatient care, and other medical services that Part A doesn’t cover. It’s important to remember that ePart B is optional. Part B helps pay for covered medical services and items when they are medically necessary. Part B also covers some preventive services like exams, lab tests, and screening shots to help prevent, find, or manage a medical problem.

When Can I Enroll in Medicare Part B?

Initial enrollment periods for Medicare (Part A and/or B) happens automatically if you are turning 65 and already receiving Social Security or will start collecting retirement at age 65. 

You will need to sign up for Medicare Part B at the time that you apply for retirement benefits, and Medicare Part A enrollment occurs automatically if you are eligible for Social Security retirement. A Medicare card will be mailed out about three months before your 65th birthday.

If you work for a smaller company, you must have both Medicare Part A and Part B to be covered by your company plan. You might need to evaluate whether the company plan makes sense for you or not. If you delay enrollment into Part B, consult with a local insurance agent who specializes in Medicare.

Once you are enrolled in Medicare Part A & Medicare Part B you can enroll in Medicare benefits such as Medicare, Advantage plan and Medigap plans. What is your monthly premium? The monthly part B premium is currently $146.90 a month. If you are collecting social security, you will be automatically enrolled in Medicare Part A and Medicare Part B.

How does late enrollment affect Part B premiums?

If you miss your initial enrollment for whatever reason, you can sign up for Medicare Part A and/or Part B during the General Enrollment Period that runs from January 1 through March 31 of every year. You may have to pay a late enrollment penalty for both Part A and Part B if did not sign up when you were first eligible. You can also make changes to your coverage during general enrollment.

If you missed the Annual Election Period for Medicare and need to make changes to your policy, you can do this during the Medicare Enrollment Period, from January 1st to March 31st each year. If you switch to Original medicare during this period, you will have to wait until March 31 to enroll in a Medicare Part D prescription drug plan.

Medicare allows changes outside the standard enrollment periods in specific situations that are often out of the beneficiary’s control, such as Medicare ending its contract with your plan, through Special Election Periods (SEPs). Other examples of these situations include, but are not limited to, the following:

• • Moving out of your plan’s service area.

• • Receiving both Medicare and Medicaid benefits.

• • Qualifying for Extra Help.

• • Living in, moving to, or moving from an institution such as a long-term care hospital or skilled nursing facility.

How much does Medicare Part B Cost?

The Medicare monthly premium for Part B is currently $146.90 a month. If you are collecting social security, you will be automatically enrolled in Medicare Part A and Medicare Part B.

If you have Part B, you pay a Part B premium each month. Most people will pay the standard premium amount. Social Security will contact some people who have to pay more depending on their income. If you don’t sign up for Part B when you are first eligible, you may have to pay a late enrollment penalty.

How much is the Medicare Part B late enrollment penalty?

• • You’ll pay an extra 10% for each year you were able to signed up for Part B but did not.

• • The penalty is added to your monthly Part B premium. You could also pay a higher premium depending on your income.

• • The penalty will occur for as long as you have Part B — this is not a one-time late fee.

How does my income affect my Part B premium?

If you have Part B, you pay a Part B premium each month. Most people will pay the standard premium amount. Social Security will contact some people who have to pay more depending on their income. If you don’t sign up for Part B when you are first eligible, you may have to pay a late enrollment penalty.

How much does Part B cost?

What does ‘accepting assignment’ mean?

You can get the lowest cost if your doctor or other health care provider accepts the Medicare-approved amount as full payment for a covered service. This is called “accepting assignment”. If a provider the Medicare approved amount, it’s for all Medicare-covered Part A and Part B services.

Using a provider that accepts assignment

Most doctors, providers, and suppliers accept assignment, but always check to make sure that yours do. If your doctor, provider, or supplier accepts assignment:

• • Your out-of-pocket costs may be less.

• • They agree to charge you only the Medicare deductible and coinsurance amount, and usually wait for Medicare to pay its share before asking you to pay your share.

• • They have to submit your claim directly to Medicare and can’t charge you for submitting the claim.

What are Original Medicare premiums in 2023?

Generally, you pay monthly premiums for Medicare coverage and part of the costs each time you get a covered service. There’s no yearly limit on what you pay out-of-pocket, unless you have supplemental coverage, like a Medicare Supplement Insurance (Medigap) policy, or you join a Medicare Advantage Plan.

Part B surcharges for high-income earners

The Medicare Income-Related Monthly Adjustment Amount (IRMAA) is an amount you may pay in addition to your Part B or Part D premium if your income is above a certain level. The Social Security Administration (SSA) sets four income brackets that determine your (or you and your spouse’s) IRMAA. SSA determines if you owe an IRMAA based on the income you reported on your IRS tax return two years prior, meaning two years before the year that you start paying IRMAA. The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income.

If you are expected to pay IRMAA, SSA will notify you that you have a higher Part B premium.

If you believe you should not pay IRMAA, your circumstances have changed, or your IRMAA was miscalculated, you have the right to request that SSA lower or eliminate your premium increase. You will have to submit evidence whether you are appealing SSA’s original determination or requesting a new determination.

Ready for more information about your upcoming Medicare policy?

if you’re looking for help with your Medicare coverage, Florida Healthcare Insurance is a great choice. With our expertise, personalized service, choice of plans, convenience, and commitment to your peace of mind, we can help you find the right Medicare plan for you. Contact us today to learn more about how we can assist you with your Medicare needs.

Don’t delay! Contact us by phone at (954) 282-6891, or by requesting a quote in the “Get A Quote” button on the top right-hand corner.

Our experts will take the time to explain all of your insurance options to make sure you clearly understand the plans that are best for you. Our goal is to ensure you get the ideal coverage for your specific needs, and there are absolutely no fees whatsoever to work with us.