If you’re eligible for Part B of the Medicare program, the monthly insurance premium will be lower. If you’re a low-income individual or if you qualify for an extra subsidy from your state, your premiums will be even lower. You also won’t have to pay any deductibles until you reach a certain income threshold (or until you spend $3,085 in premiums during a three-month period). Once your annual deductible is met, any remaining cost of medical care will be covered by the government at no additional cost to you. However, there are some things to keep in mind before applying for Part B coverage. And remember that anyone who is under age 65 and has applied for social security benefits cannot have their application processed until they have earned at least six months of social security benefits. That effectively means that most people must wait until they are age 65 to apply for Part B coverage unless they are married and their spouse also meets the requirements above.
What is Medicare Part B?
Part B of Medicare is the coverage you can get if you’re eligible for the program. It covers things like your doctor visits and your hospital stays, as well as some of your prescription drugs. Part B also covers some outpatient services, like some physical therapy, occupational therapy, and counseling. In addition to this, Part B also covers some home health services, like help with daily tasks like bathing, dressing, eating, or using the toilet. You’re not covered for inpatient care in a hospital, but you can use your home health care benefit to cover some of the costs of outpatient medical services. Finally, Part B has dental coverage as well, though there are some caveats to this.
How to Apply for Part B of Medicare
To apply for Part B of the government health insurance program, you’ll need to visit the Medicare official website. You can apply online, but you’ll need to print out the application and bring it with you to the application center. You can also apply by phone, but you’ll need to bring your paper application with you to the phone interview. You can apply for Part B at any time during the year, but the earliest you can do it is when you turn 65 years old.
Benefits of Part B of Medicare
The biggest perk of Part B of Medicare is that it covers a large number of medical services. The benefits include doctor visits, screening tests, and some inpatient procedures that are medically necessary, like a hospital stay or a hip replacement. In addition to this, Part B also covers some home health services, like help with daily tasks like bathing, dressing, eating, or using the toilet. You’re not covered for inpatient care in a hospital, but you can use your home health care benefit to cover some of the costs of outpatient medical services. Finally, Part B has dental coverage as well, though there are some caveats to this.
How much does Part B cost?
The cost of Part B is based on your income. You’ll generally pay a lower monthly premium if you’re a low-income individual or if you qualify for an extra subsidy from your state. You can apply for a subsidy, and your premiums may be lower, through the Health Insurance Marketplace. The annual out-of-pocket maximum is $6,850 for 2017 (it was $6,850 in 2016, $6,850 in 2015, and $6,850 in 2014). After this, you will pay 100% of the cost of services until you reach a yearly deductible of $1,316 (it was $1,316 in 2017). After you meet this deductible, you will then start paying 20% of the cost of services until you reach the annual out-of-pocket maximum again. This means that if you have total medical costs exceeding $6,850, you will be responsible for paying for all of them. But if you have total medical costs that are less than $6,850, you will be responsible for paying for none of them.
Other Coverage in Medicare Part B
Prescription drug coverage in the Medicare Part B program has traditionally been very limited. The federal government has always covered a very small selection of drugs, and the beneficiaries could choose which drugs they wanted to take. Starting in 2006, Medicare Part D was made available to beneficiaries, and they have been able to choose which drugs they take. Part D also includes coverage for medical supplies, like wheelchairs and walkers. However, there is an enrollment period, and beneficiaries may not choose to enroll in Part D for a year. There are special rules for people with end-stage renal disease, and beneficiaries with certain conditions may also be able to opt out of Part D.
Conclusion
Medicare has a lot of benefits, but you’re not eligible for them until you’re 65 years old. If you wait until you’re 65, you can apply for the program through your state, but you’re not eligible for many of the benefits until you’re at least age 65. If you would like to get coverage as soon as you’re eligible, you can apply for Medicare as soon as you are 65 years old. And if you wait until you’re 65, you can shop for a Medicare plan, but you’ll have to wait until you’re eligible for coverage.
