Medicare Part B can cover your outpatient costs. It is easy to qualify and it offers decent coverage for common healthcare services and costs. In this post, let us talk about Medicare Part B 2020 and its benefits.
What is Part B
Medicare Part B is a part of Original Medicare. Part A is its other half. Part A and Part B could give adequate medical coverage for average senior.
Part B covers the following medical expenses:
Durable medical equipment
Home health care
General outpatient services
Some prescription drugs
This plan will only pay for those services if your doctor orders them to treat your condition. It means that if you received those services without the referral of your general practitioner, then your plan will not cover the cost.
Most of these services and expenses are one-time preventative services. It means that you can only avail them once per term.
These would include visits to the hospital or doctor for preventative treatment, cancer screenings, diabetes screenings, shots for hepatitis B and flu, as well as heart health screenings.
Please refer to the Medicare and You publication for a full list of those one-time preventative services. You may read them through the official website of Medicare.
Who Can Take Advantage of Part B
Any senior who is eligible for Original Medicare plan can obtain Medicare Part B. The Initial plan would include Part A and Part B. It is provided by Medicare or you can purchase it through a private insurer that Medicare has approved to sell the Original plan. You may also obtain Medicare Advantage plans or Medicare Part C through private insurers.
One of the advantages of obtaining Part B from a private insurance company through a Medicare Advantage plan is that you will also get extra coverage that is not part of the Original Medicare. The additional coverage is useful as it includes a wide array of medical costs.
There is no standard price for Advantage plans. In that case, it is vital that you use our free comparison shopping tool to easily compare the rates from one insurer to another. Through our free tool, you can easily find which insurer offers the best deal on this type of plan.
As required by law, Advantage plans must offer the same Part B coverage as an Initial Medicare plan. These pans may also include coverage for a prescription drug, checkups throughout the year for your hearing and vision, as well as general wellness.
If you are qualified for Medicare Part B sans premiums, you are qualified for Medicare Part B 2020 automatically. However, you will have to pay a monthly premium for this coverage.
On the other hand, if you are not qualified for the Part A premium-free, you will need to be 65 years old and a permanent resident of the US for five years or you must be a full US citizen.
If you have met the disability requirements, then you are automatically qualified for Part B. You can sign up for the Original Medicare, including Part B before you turn 65 years old.
Talk to a Medicare agent to find out if you are qualified for this plan. You may also contact us and our representative will walk you through the requirements and help you figure out whether you qualify for it.
However, for most individuals, they must have to wait until they are 65 years old to become eligible for this plan. If you have not reached that age yet, there are several options that you can choose from to cover your medical expenses. You can avail some of them until you qualify for Part B.
The Best Time to Enroll
You can sign up for Part B as soon as you reach the age of 65. It means it is around your 65th birthday. You can apply before you turn 65. But it has to be a few months. The enrollment begins on January 1 and ends on March 31. The coverage will be activated on July 1.
If you have not enrolled within the enrollment period or if you are not allowed to enroll around your 65th birthday, you can wait for next year to enroll.
On the other hand, if you failed to sign up when you become eligible, you can still enroll but you have to pay a late fee.
If you are not enrolled automatically in Medicare when you reach 65, please call Medicare or Social Security to find out the reasons you failed.
If you obtained Part B coverage and you are 65 years old, you can sign up for supplemental insurance that can provide additional coverage to your Part B plan. These supplemental plans can cover any medical expenses that the Original Medicare did not cover.
These plans have their own enrollment period that lasts for six months. The coverage begins when you have active Part B plan.
Under Medicare Part B 2020, there are limitations and restrictions that you must be aware of. If you have pre-existing medical conditions, they may hinder your ability to obtain the coverage you wish to get.
For that reason, it is ideal that you consult your healthcare insurance professional about how your medical condition will influence your eligibility and coverage.
Compare Medicare Advantage for 2020