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
  • Blood
  • Bone density tests
  • Breast cancer screening
  • Cardiac rehabilitation
  • Cardiovascular disease
  • Cervical screenings
  • Diabetes screening
  • Chronic care management
  • Colo-rectal cancer screenings
  • CPAP

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.