What is Medicare Part B?
Part B (Medical Insurance) Helps Pay For: Doctors’ services, outpatient hospital care, and some other medical services that Part A does not cover, such as the services of physical and occupational therapists, and some home health care. Part B helps pay for these covered services and supplies when they are medically necessary. Information about your coverage under Medicare Part B can be found in the Medicare Coverage database. Cost: You pay the Medicare Part B premium of $66.60 per month in 2004. This amount may change January 1, 2004. In some cases this amount may be higher if you did not choose Part B when you first became eligible at age 65. The cost of Part B may go up 10% for each 12-month period that you could have had Part B but did not sign up for it, except in special cases. You will have to pay this extra 10% for the rest of your life. Enrolling in Part B is your choice. You can sign up for Part B anytime during a 7-month period that begins 3 months before you turn 65. Please
Medicare Part B is optional for beneficiaries, and there is a monthly premium for the coverage. It is important for the interested beneficiaries to enroll in Medicare Part B when they become eligible, as if they enroll later in Medicare Part B their monthly premium could be higher than the initial opportunity for enrollment. Medicare Part B covers doctor’s visits, durable medical equipment, home health care, lab work and select preventive services. If an expense is a covered expense, then Medicare Part B will generally pay 80% of the cost and the beneficiaries cover the remaining 20%. Beneficiaries will often purchase separate, and additional, insurance to pay Part A and Part B deductibles and co-payments. These Medigap or Medicare supplemental policies are strictly regulated and managed to minimize confusion for seniors.
