Medicare Part B coverage is responsible for medical-related expenses. When you are first eligible for Medicare, you have a 7-month initial enrollment period (IEP).
Your IEP begins 3 months before the month you turn 65, you birth month, and ends 3 months after.
Below are some common examples of Medicare Part B covered services:
- Doctor’s visits
- Ambulance services
- Ambulatory surgical centers
- Bone density tests
- Breast cancer screening
- Cardiac rehabilitation
- Cardiovascular disease
- Cervical screenings
- Diabetes screening
- Chronic care management
- Colo-rectal cancer screenings
Part B also has a monthly premium which is, in most cases, deducted from your Social Security check each month. Part B premiums can be as low as $144 or as high as $428.60.
The range in price is directly correlated to your income. Those individuals who qualify for Medicaid may not have to pay the Part B premium.
If for some reason you don’t elect Part B on time, you will be subject to a late enrollment penalty of 10% for every full 12 months they delay enrollment.
The Medicare Part B enrollment penalty can be waived in instances where the proposed insured has credible coverage, for example, you have existing coverage through an employer.
Lastly, Medicare Part B has an annual deductible of $198 (2020 data). This deductible must be met before Medicare will begin paying. At the point of meeting the deductible, you will be on the hook for 20% of the Medicare-approved amount.