Why Do I Pay Medicare Part B
Why Do I Pay Medicare Part B?
When a person becomes eligible for Medicare Part B, that event depends generally on 1 of 4 items occurred.
- You became disabled and were granted Social Security Disability Benefits 2 years prior
- You have or became diagnosed with ESRD (End Stage Renal Disease)
- You have just turned 65.
- You already are 65 or older and you had previous coverage through an employer and are losing that coverage
You will pay to Medicare a premium of $121.80 per month, but some Medicare beneficiaries my pay more because of the income you make.
What does Medicare Part B cover?
Every person that has worked at least 40 quarters receives Medicare Part A. Then if any of the above 4 items occurred you can get Medicare Part B. Part B covers medical services, IE, doctors, testing, durable medical goods etc. Medicare Pays 80% and you are now responsible for the balance of 20%. There are 3 ways to cover that 20%.
- You Pay it
- You purchase a Medicare Supplement
- You enroll in a Medicare Advantage Plan.
What are Medicare Supplements?
Medicare Supplements are underwritten by private insurance companies and must follow all rules that Medicare require. Medicare Supplements are named A-N. Each plan has different benefits that will cover the 20% that you will be required to pay. You are eligible for these plans under open enrollment without qualifying medically. After your Open Enrollment period; 3 months before, the month of, and 3 months after your birthday month, you will go through a health underwriting. Medicare Supplements do not cover prescriptions.
What are Medicare Advantage Plans?
Medicare Advantage Plans are produced by private insurance companies and approved by Medicare. Medicare pays the plan a portion of your Medicare Part A and Medicare Part B benefits. Then the insurance company pays your Medicare claims. In most cases, you will pay Co-pays for all services up to a MOOP (Maximum out of Pocket), after that the insurance company pays 100% of your medical claims. Most Medicare Advantage plans include a Medicare Part D plan that covers your prescription drugs with limitations.
At DAVIS INSURANCE, we can navigate all the questions and answers that you may have about your Medicare benefits.