Medicare Part B

Learn More About Medicare Part B in South Florida

Medicare Part B

Medicare Part B is different from Part A in that it provides medically critical supplies and services required for the treatment or diagnosis of your health state, including outpatient services provided in a hospital, clinic, doctor’s office, or any health facility. Medicare Part B also helps cover preventative services to help detect illness or avoid them at an earlier stage. Here are some of the examples of outpatient medical coverage that Part B offers:

  • Doctor office visits
  • Diagnostic imaging and lab testing
  • Ambulance rides and surgeries
  • Chemotherapy and radiation
  • Preventive care (screenings, shots or vaccines, and yearly “wellness” visits)
  • Extensive dialysis care
Seniors with Medicare Part B

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How do I know if I’m eligible for Medicare Part B? 

If you are age 65 and above, you’re eligible for Medicare Part B as well, however, there is a monthly premium for Part B. This premium provides for your outpatient benefits like doctor visits, lab work, surgery fees, and more. Also, note that if you are taking Social Security early, you will automatically be enrolled in Medicare Part B unless you specifically ask Social Security not to enroll you.

What if I’m still working? 

The majority of people turning 65 still receive health insurance through their employer. If this is the case, enrollment into Part B can be delayed with their group health insurance being primary, and without receiving a late penalty, as long as the employer has more than 20 employees. If you work for a smaller company, you must have both Medicare Part A and Part B to be covered by your employee group health plan.

We suggest you giving us a call if you decide to delay your enrollment into Medicare Part B. We are able to help explain your options like special election periods.

How much is the 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.

Let’s take a look at a snap shot of the Part B costs:

Part B Costs:

What You Pay in 2022:

Premium

The base rate in 2022 for Part B is $170.10 per month, or higher, depending on your income. The amount varies each year. You will have to pay the premium each month, even if you don’t get any Part B covered services. You’ll pay the higher premium if your modified adjusted gross income, as reported on your IRS tax return from 2 years ago, is more than:

 $91,000 in 2022, if you file an individual tax return or are married and file separately

 $182,000 in 2022, if you are married and file a joint tax return

Social Security will tell you if you have to pay a higher premium because of your income.

Deductible

You’ll pay $233, before Original Medicare starts to pay. This deductible is paid once a year.

Coinsurance

Usually, you’ll pay 20% of the cost for each Medicare-covered service or item after you’ve paid your deductible.

Yikes, you just noticed that you’re responsible for 20% of the costs! Don’t stress! We take pride in finding you the specific plan that covers the remaining 20% at little to zero cost to you!

What are the benefits to Original Medicare? 

It may seem strange to automatically get enrolled in a healthcare plan without asking for it, but it can be a positive in many ways. By working with Florida Healthcare Insurance, we will make sure you don’t have to miss your window to gain access. We will review your current health insurance and revise the coverage to be more in sync with your current specific healthcare needs.

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