What is Medicare Part B?
Medicare Part B (Medical Insurance) is part of the traditional Medicare program that helps cover the cost of regular doctor’s visits, outpatient care, and preventative services not covered in Medicare Part A. To receive Medicare Part B coverage in Denver and surrounding areas, you must enroll in Medicare.
What is included in Medicare Part B?
Medicare Part B helps cover the cost of:
Doctor's Visits
Including lab work and x-rays
Outpatient Care
Medical Supplies
Preventative Services
Medicare Part B does not cover everything. For example, it does not cover custodial care or long-term care, such as help with activities of daily living (ADLs) like bathing and dressing or care in a nursing home.
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Eligibility for Medicare Part B
Most people are eligible for Medicare Part B when they turn 65. To learn more about enrollment, call MK today to for a consultation.
Medicare Part B Enrollment Period
The enrollment period for Medicare Part B begins 3 months before you turn 65 and ends 3 months after you turn 65. It is important to enroll during this Initial Enrollment Period (IEP) unless you still have health insurance or are on your spouse’s active plan.
Special Enrollment Period
If you have chosen to delay your Medicare Part B enrollment because you still have coverage due to you or your spouse having active employer-sponsored coverage, you have 8 months to sign up for Part B once employer coverage ends.
Missed your Initial Enrollment Period?
If you miss your IEP, you may be able to enroll in Part B during the General Enrollment Period (GEP). The GEP runs from January 1st to March 31st each year. Your coverage starts the month after you sign up. You might pay a monthly late enrollment penalty if you don’t qualify for a Special Enrollment Period.
Make sure you don’t have a gap in your insurance coverage! Call MK now.
Medicare Part B Penalty
If you are eligible for Medicare Part B and do not sign up when you are first eligible, you may have to pay a late enrollment penalty. The penalty is 10% of the monthly premium for each full year you are not enrolled. The penalty will last for as long as you have Part B coverage, even if you switch plans.
There are a few exceptions to the late enrollment penalty.
Got questions about a possible Medicare Part B penalty? Schedule a Consultation.
Cost of Medicare Part B
The cost of Medicare Part B depends on your income. Costs are determined on a sliding scale.
Those with limited income and resources may be eligible for financial assistance with your Part B premium. You can contact MK to learn more about financial assistance programs for Part B.
How to Enroll in Medicare Part B
You can enroll in Medicare Part B online, by phone, or by visiting your local Social Security office.
Want help enrolling to make sure you avoid penalties, get all the coverage you need, and have the perfect comprehensive plan for you? MK can help.
Secure your peace of mind in selecting Medicare with a free consultation.
MK will help you navigate the options, offering personalized insights and a reassuring hand to guide you through the process.