You may need to review what is covered through Medicare Part B if you are thinking of applying for this federal insurance. Since there are several parts offered through the Medicare health insurance program, it is important to review the specific coverages and costs of each part when building or choosing your plan. Generally, you can choose to bundle these parts or you can also choose to obtain another health insurance policy in addition to the Medicare coverage you have enrolled in.

When reviewing your Medicare Part B premium, you should also consider the coinsurance or copayments you may need to pay when you seek treatments. While you may owe money for these expenses, obtaining this coverage is usually financially beneficial for you, no matter what type of medical service you need coverage for. You can find out more about Medicare Part A and B and the services that are covered through Part B by reviewing the following information.

Learn About Medicare Part B Coverage

If you are evaluating the Medicare Part B premium in 2023, it is also important to keep in mind you may be responsible for a deductible that applies to covered services. Additionally, reviewing the copayments and coinsurance associated with these covered services can give you a better idea of the out-of-pocket costs you may need to pay when seeking treatments.

When thinking about the overall cost of Medicare Part B, however, you should also consider how having coverage for these common medical services can save you money. This part of Medicare covers both medically necessary services and preventative services. These two categories of service can include a variety of medical treatments and services that can be expensive with no coverage, such as:

• Ambulance services.
• Mental health services (both inpatient and outpatient).
• Getting a second opinion from another medical professional before having a surgery or procedure.
• Certain outpatient prescription drugs.
• Clinical research.
• Durable Medical Equipment (DME).

After you have completed your Medicare Part B enrollment or after you have been automatically enrolled in coverage, it is important to review the services and in-network medical providers that are covered. If you are seeking medically necessary services, keep in mind that these services are only covered under this part of the insurance plan if they are services or supplies that must be utilized to diagnose or treat your medical condition. To be covered, these services or medical supplies must also meet the minimum standards of medical practice.

To learn more about the services covered by Medicare, you can reference our helpful Medicare guide.

If you want to complete preventative healthcare services, they will only be covered under Medicare Part B if they are known to prevent illnesses or detect medical problems at an early stage. For example, a flu shot may be covered under Part B of Medicare if it is determined that it may prevent you from contracting the flu in the future.

How to Pay the Medicare Part B Premium

If you meet the Medicare Part B eligibility guidelines but you do not enroll on time, you may also be responsible for paying a late enrollment penalty. This penalty is charged through an increased monthly premium for the coverage. In some cases, you may not be allowed to sign up for this coverage and you will be required to wait until a new enrollment period opens. However, if you meet specific eligibility criteria that allow you to sign up for Part B during the special enrollment period, this fee is waived and you can sign up immediately.

When you apply for Medicare Part B, it is important to review the monthly premium that applies to your situation and how you are required to pay this premium. If you are enrolled to receive benefits from another program, such as Social Security, your Medicare Part B premium may be deducted from your benefit amount monthly.

Keep in mind, you may qualify to pay the standard premium amount for this coverage. However, you may be required to pay an Income Related Monthly Adjustment Amount (IRMAA) for Part B coverage if your monthly income is above a certain amount. Your tax returns are used to calculate your income and will determine whether or not you must pay this additional premium each month.

Should I complete the Medicare Part B enrollment process?

If you qualify for the Medicare Part B special enrollment period, you can enroll for coverage when it is not a general enrollment period. However, if you do not qualify to enroll during this special period, you must enroll during the general enrollment to avoid a late enrollment penalty or the inability to enroll until the next enrollment period. It is important to first decide if Medicare Part A and B are beneficial to you and if you are eligible to receive this coverage before attempting to enroll. Keep in mind that Part A coverage complements Part B because it includes hospital care.

Since you are responsible for paying a Part B Medicare premium each month after enrollment, reviewing the coverage that is provided is important in helping you determine if this coverage is right for you. Generally, Part B Medicare coverage is the most widely used for enrollees since it includes both medically necessary services and preventative services. However, these services are only covered if they meet the Medicare requirements. Additionally, you must visit a medical provider or facility that accepts Part B as a valid insurance plan to use the coverage. Otherwise, you are required to pay for these services out of pocket.

If you have reviewed the cost of Medicare Part B and feel it is beneficial for you, learning about the eligibility requirements and enrollment period can be helpful. It is also important to consider if your current medical professionals accept this type of insurance. Finding out more about covered services, including where and when you can obtain them in your area, can ensure you make the most out of the Medicare coverage you enroll in.

Learn more about the Medicare program and all its parts by downloading our free Medicare guide.