Medicare Part B

Medicare Part B on your Medicare Card will say Medical. Sounds very simple and it can be.

Lets go over the cost first.

Medicare Part B has a base rate of $121.80 for people who are starting Medicare in 2016. If you were on Medicare Part B already you will be paying a base rate of $104.90. This is the base rate if you are a high income wage earner. Your Medicare Part B and Part B monthly premiums are means tested. We will go over this in future postings.

Medicare Part B has a Part B deductible of $166. After you have paid your Part B deductible you will pay 20% for most services. This 20% co-insurance could be your largest liability with in Medicare. Medicare Part B does not have an out of pocket maximum. Which means you will pay 20% of the charges. This means if you get a knee or hip replacement and your medical bill is $50,000 you would have to pay $10,000. Your medical expenses have no cap just a flat rate of 20%. There is also a Medicare Part B excess charge that doctors can charge which is 15% over the Medicare assigned rate. This charge is only charged by doctors that do not accept Medicare assignment. What does that mean most would ask. Medicare has a pre assigned price to most or all medical codes, what the government is willing to pay. Doctors can either accept this which means the accept assignment or they don’t. If they do not accept assignment then they can charge an excess charge of 15% above 95% of the assigned rate. A very easy step to avoid these charges is if you have Medicare as your primary insurer ask doctors if they accept assignment.

Medicare Part B starts on the first day of the month that you turn 65 in most cases. If you are on disability it often starts once you have been on disability for two years, your part A would start when your disability starts.

Medicare Part B covers your medical expenses.
- Doctors
- Primary Care and Specialist
- Labs
- Durable Medical Equipment
- Preventive Care
- Flu Shots, Mammograms, Yearly Check Ups
- Emergency Room Visits
- Etc….

Things that Medicare Part B does not cover. Medicare Part B does not cover dental. This is dental cleans, X-rays, exams or dental work that is not related to other medical conditions. Medicare Part B also does not cover Eye Glasses or Hearing Aids.

You can always learn more about Medicare Part B at www.medicare.gov or call Sun Coast Legacy Advisors P.L. at 888-455-5799 today!