Medicare Part B | Costs, Coverage and How to Enroll in Medicare Part B

Today I'm talking about Medicare Part B and I'll share some crucial tips that you won't want to miss, so stay tuned. I recently did a back to basics video on Medicare Part A and if you haven't already, I already watched it but you can click here to watch it so of course I wanted to follow up with a video on

part

b of Medicare, which is one of the most important

part

s of Medicare, is the part of Medicare that covers the widest range of services and also has some very specific

enroll

ment periods that, if you miss them, you could face some pretty big penalties in the future, so you definitely want to make sure you're informed in today's video.

I'm going to review what Medicare Part B is and what it covers, go over what determines your Medicare Part B premiums, and also review how and when to

enroll

in Medicare Part B so you can avoid future penalties. Medicare Part B is your health

coverage

, so this is the Part of Medicare that covers your doctor's services Outpatient and ambulance services Urgent care and emergency room services Durable medical equipment Preventive care and even Most non-self-administered medications are some of the things that are covered under Medicare Part B which virtually covers any medically necessary service obtained by a Medicare provider and Part B, unlike Medicare Part A, is not free , so most people have to pay a standard Medicare Part B premium just to enroll in Medicare and this year that premium is $144.60 per month, although you can pay more if you are considered a person with high income, so the chart on the screen you see now shows you what you can expect to pay for your Medicare Part B premium based on your income and what Medicare does is review your income. from two years ago, so this year they look at your 2018 adjusted gross household income and that's what determines your Medicare Part B premium this year.

It's very common now that your income now can be very different than it was two years ago, and if that sounds like it. like you, then you can appeal these Irma charges and reduce your Medicare Part B premium. I have linked a video in the description below that goes into a little more depth on how to do this and I have also linked the Irma appeals form so you can also you can have that in there, but generally most people pay the standard monthly premium of 144 to be on Medicare Part B when it comes to your Medicare Part B services.

Medicare doesn't pay 100, you are still responsible for a percentage of your health insurance. Part B

costs

have a deductible, so everyone receiving traditional Medicare Part B has an annual deductible of $198 per year in 2020 and this Part B deductible resets every January 1, which It means you must pay the first $198 of your medical bills before Medicare. Part B goes into effect and once Medicare Part B goes into effect, it goes into effect at 80 percent, so you are still responsible for the other 20 of your medical

costs

. The important thing to keep in mind is that there is no limit on those 20, so if you have a catastrophic medical problem in case you need major surgery or chemotherapy, you will pay the full 20 of all your medical charges with no out-of-pocket limit, so this is where Medicare supplement plans or Medigap plans come in, these are the letter plans. which are designed to pay those 20 for you, so you generally don't have to pay them now Before we delve into how to enroll in Medicare Part B, it's important to first determine whether or not you should enroll in Medicare Part B, but most people will want enroll in Medicare Part B when they first become eligible at age 65.

However, if you are still working at age 65 and have health insurance through your employer, you may want to delay enrolling in Medicare Part B and in many cases, you can do so without receiving any penalties. If this sounds familiar to you, I would definitely recommend that you watch this video that I have linked here and which is also linked in the description below that talks about the specific criteria that you need to meet. to effectively delay Medicare Part B without any penalty, but if you are retired, self-employed, or do not have health insurance through your employer, then you will typically want to enroll in Medicare Part B during your initial enrollment period This is also called your IEP.

This is a seven-month period in which you can enroll in Medicare Part B without a penalty. It begins up to three months before the month you turn 65 and continues until three months after you turn 65. birth if you enroll during the first three months before the month in which you turn 65, then your Part B effective date will generally be the first day of your 65th month of birth; However, if you enroll the month you turn 65 or up to 3 months after your Part B effective date could be delayed and this is something many people don't realize, so check the chart on the screen right now and shows you how, when you enroll in Medicare Part B, it will determine when your Part B

coverage

will end. actually start and if you are on your IEP in that seven-month period, the easiest way to apply Medicare is usually go online, you can go to ssa.gov with Medicare backslash and if you scroll down to the center of the page, you will see a big blue button that says Apply for Medicare only and when you click on that button you will be will ask you to log into your ssa.gov account or create a new one and from there you can follow the instructions to apply for Medicare online.

You'll want to be sure to click Yes when asked if you intend to enroll in Medicare Part B at this time. Once you apply online, it can usually take approximately four to five weeks to get your Medicare card. mail, however, within about a week or two, you should be able to log back into your ssa.gov account and check and see if your application has been received and when your Medicare Part B effective date is if it is a of people who have Delayed Medicare Part B because you were actively working and are now outside your initial enrollment period, but want to apply for Medicare Part B because you are retiring or leaving your employer's group health insurance plan , then you can do it.

Therefore, you have up to eight months from the time you lose your employer health plan for a Part B special enrollment period. Please note that this is up to eight months after you lose active employer benefits, so retiree or cobra benefits don't count if you have delayed part b because you have had active employer benefits, then there are a couple of different ways you can apply for

medicare

part b. One way is to fill out the two forms that are linked below your

medicare

part b enrollment form and your employer form and send both forms to social security so you can fill out a form yourself and in the comments section you can indicate when you would like your medicare part b effective date to start, when do you plan to get out of that. employer-based health plan and the other form actually requires a signature from your employer indicating that you have had creditable employer-based coverage.

You can fax or mail these forms to the social security office and this is the most common way to enroll in Medicare Part B if you have delayed it and are now eligible for your special enrollment period due to the hidden pandemic of '19. Medicare has also provided an option where you can apply online for Medicare Part B with a special enrollment period that you do need. to upload documents that show you are losing employer coverage and I will link to a website in the description below that will explain how to apply online for part b with a special enrollment period and the types of documents you will need.

I need to get together so I can do it now. What if you missed your initial enrollment period and don't have a special enrollment period and simply forgot to sign up for Medicare Part B? What does he do then? Well, every year there is a general enrollment period for Medicare Part B and that runs from January 1 to March 31. If you apply for Medicare Part B during this general enrollment period, your Medicare Part B effective date will typically be July 1 of that year and you may face a penalty. For every 12 month period you were without Medicare part b and it really adds up, it's a big fine, so I'll include more information below about how that fine works in case you want to learn a little.

More on that, in general, Medicare Part B covers a lot of your medical services and you really want to make sure you sign up for Medicare Part B at the right time to avoid penalties and avoid any gaps in coverage, I really hope. This video helped you understand a little more about Medicare Part B and how it works. If you ever have any questions, please don't hesitate to call me. I am an independent broker. I make a living helping people find and sign up. on the best Medicare prescription drug plans and supplements to meet your needs, so you can call us anytime for free, no-obligation quotes and we will be happy to help you, subscribe to the channel if you haven't already, definitely leave all your questions and comments below thank you very much for watching and see you soon