Medicare Part B is essential for most people on Medicare
Let’s pretend you are building a house. You have big plans for your new home! Big closets, nice counter tops, and a big back deck for all your family gatherings! But before you get to that step in the building process you must have a foundation. Without a strong, level foundation for your home it just wouldn’t work.
Medicare Part B is part of the “foundation” for your Medicare insurance.
You must have Medicare Part A and Part B in order to choose an individual Medicare insurance plan like Medicare Advantage Plans or Medicare Supplement Plans (also called “Medigap”).
Now for those of you on Medicare and still covered under company insurance then you may delay Part B, though it still might be wise to choose an individual Medicare plan. We would need to take a look at your specific situation. Contact Us today if you are on Medicare along with company insurance.
Monthly Premium Cost For Part B
The majority of people on Part B will pay the standard 2020 premium of $144.60 per month. This amount will automatically come out of your Social Security check. Also for those with lower income this amount may be subsidized. Click here for more information on the Medicare Savings Program.
Medicare Part B Coverage-What Does It Cover?
The most notable services covered by Medicare Part B are:
- Doctor’s Visits
- Emergency Room
- Outpatient Surgery
- Ambulance
For a full list of what Part B covers click here. This link will take you to the Medicare.gov webpage.
If I had to pick the most important covered service from the four options above it would Emergency Room services. The cost for Emergency Room services range widely and could be the most damaging if your Medicare Part B is not in place.
Medicare Part B: Medicare Advantage vs Medigap
Either one of these options, Medicare Advantage or Original Medicare paired with Medigap, will cover Medicare Part B services. The difference is that your cost under Medicare Advantage might be different than Original Medicare paired with Medigap. Remember, monthly cost are lower on Medicare Advantage Plans so expect higher copays than with a Medigap plan. To see more detail on this topic check out our Medicare Comparison to see the differences between Medicare Advantage vs Medigap.
I am Jay Looft, Agent and Partner at SeniorSource Medicare Solutions. We are a health insurance agency specializing in Medicare Insurance based in and around Atlanta, GA. Contact Us today for Medicare insurance help.