We are currently in the middle of the Medicare Open Enrollment Period for 2023, and I thought that it might be a good time to review the basics of Medicare. Earlier, I went over the basics of Medicare Part A.
To get the most out of your Medicare coverage, it’s important to understand what the different parts of the Medicare program provide and what the cost is to you. The Medicare program consists of three parts: Part A – Hospital Insurance, Part B – Medical Insurance, and Part D – Prescription Drug Coverage.
Let’s talk about Medicare Part B – Medical Insurance. Part B covers outpatient care like doctor visits and lab tests. In 2022, the premium for Part B Medicare is determined by your income. The amount can change each year and you pay this premium monthly, even if you don’t receive any Part B services.
You pay a Part B deductible once a year before Medicare begins to pay. Once you’ve met your deductible, you’ll pay 20% of the cost of any Medicare-covered services or items.
If you don’t sign up for Part B coverage when you first become eligible for Medicare, usually at age 65, your monthly premium could go up 10% for every 12-month period without Part B coverage. You’ll have to pay this late enrollment penalty each time you pay your premium for as long as you have Part B, and the penalty increases the longer you go without Part B coverage.
As you can see, there’s a lot to know about Medicare, so why not get some help with your Medicare plan? Call us today to make sure you get all the benefits from Medicare that you deserve.
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