Medicare Part B

DTS_hands_1 Post-it notesHow well do you understand Medicare, particularly Part B? Do you know the answers to the following questions?

What does Part B cover? While Part A covers hospitalization, Part B covers doctor visits and outpatient services. Like Part A, there are deductibles and coinsurance amounts to consider, based upon the services you have.

Do you have to pay for Part B? Yes. Unlike Part A, when you sign up for Part B you will pay monthly for your coverage. The amount will depend on such factors as your family income and if you signed up at first opportunity. Premiums may be deducted from your social security check, but can also be paid directly or by arranging for an automatic draft from your bank account.

Can I be penalized if I delay or do not take Part B coverage?  YES!  There are penalties if you delay signing up for Part B coverage. Also, by law Medicare is always primary with the one exception below so most other insurance, including most COBRA, will not pay the portion Medicare B would have paid even if you do not have Medicare.

Exception: If you or your spouse have coverage through an employer you may be able to postpone Part B without penalty while you are still actively employed. The good news is that you will still be considered coming in at first opportunity even if you postpone signing up until you (or your spouse) retire. You will then have a short window to sign up before Medicare will penalize you. Technically, Medicare B is optional, but the penalties can make it feel mandatory.

How did you do? Could you respond correctly to all the questions before reading the answers? Medicare eligibility begins at age 65, regardless of whether you enroll in Social Security or continue working (or do both). Medicare Parts A and B are considered Original Medicare. Talk to a Medicare specialist if you have questions about how Medicare may impact you.

Century Health Solutions is a subsidiary of Stormont Vail Health, Topeka and provides free Medicare Educational Seminars. We are your local expert in Medicare insurance planning and will help you find the best option for your personal situation. Call us at 785-270-4593 with questions or to sign up for a free seminar. Our business hours are Monday-Friday, 8:00am-4:30pm.

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