Unlock a world of medical coverage with Medicare Part B - from doctor visits to diagnostic tests, it's the key to maintaining your health and well-being.

Medicare Part B, also known as medical insurance, is a component of Original Medicare and covers medically necessary services and supplies for treating an individual's health condition. This includes doctor visits, lab tests, diagnostic screenings, medical equipment, ambulance transportation, and other outpatient services.

The federal government set the Part B monthly premium of $170 in 2022. However, it may be higher if your income is more than $88,000.

A yearly deductible will also apply to you; it is $203 for 2022. Additionally, you will be responsible for 20% of the cost of all outpatient services, including doctor visits. The monthly fee will be taken from your monthly benefit if you receive Social Security.

Can I delay enrolling in Medicare Part B?
Some people may get Medicare Part A "premium-free." Still, most people have to pay a monthly premium for Medicare Part B. Because Medicare Part B comes with a monthly premium, some people may choose not to sign up during their initial enrollment period if they are currently covered under an employer group plan (either their own or through their spouse's employer).

If you are still working, you should check with your health benefits administrator to see how your insurance would work with Medicare.

Suppose you delay enrollment in Medicare Part B because you already have current employer health coverage. You can sign up later during a Special Enrollment Period without paying a late penalty. You can enroll in Medicare Part B at any time you are still covered by a group plan based on current employment. After your employer's health coverage ends or your employment ends (whichever comes first), you have an eight-month special enrollment period to sign up for Part B without a late penalty.

Remember that retiree coverage and COBRA are not considered health coverage based on current employment and would not qualify you for a special enrollment period. If you have COBRA after your employer coverage ends, you should not wait until your COBRA coverage ends to sign up for Medicare Part B. Your eight-month Part B special enrollment period begins immediately after your current employment or group plan ends (whichever comes first). This is regardless of whether you get COBRA.

What services are not covered by Part B?
Part B doesn't cover some services. You'll need to pay for them out of pocket. Some examples of these include:

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.