Medicare Part B

The second part of the Medicare insurance program is Medicare Part B. This is an additional coverage option in the Original Medicare package and covers specific physician services that you may need.

What is Medicare Part B?

Medicare Part B, also known as physician insurance, covers your typical and necessary medical procedures carried out either in or out of the hospital. This includes preventive care, diagnostic services, and any procedure that is necessary to sustain your health. More specifically, Part B covers traditional doctor visits, lab tests, necessary surgical procedures, and various medical and mental health therapies.

Doctor visits include yearly and check-ups with a physician. These can be your primary care provider, OBGYN, or any other type of medical provider. During these visits, if your doctor recommends that you receive lab tests to check the levels in your system, these are covered under Part B. Other medical procedures included with Medicare Part B range from vaccines to diagnostic imaging and mammograms.

Your mental health is just as important as your physical health, and because of that, both inpatient and outpatient mental health services are covered under Part B.

Is Part B Mandatory?

While Part A of Medicare is mandatory, Part B is optional. However, suppose you fail to register for Part B. In that case, you will have to cover all out of pocket costs for your physician appointment charges. If you decide that you want to enroll in Part B of Medicare after your first eligibility period, you could incur late penalties and fees.

At the age of 65, you’ll receive a welcome packet that introduces you to Medicare. Here, you can choose to sign up for both Medicare Parts A and B, or just A. If you are receiving social security benefits, you’ll automatically be enrolled in both Parts A and B.

Medicare Part B Costs and Fees

Though Medicare Part A is free for the majority of people, Medicare Part B is often not. You’ll likely pay a monthly premium for Part B. This cost gets deducted automatically from your social security benefits if you receive them. Otherwise, you will be provided a bill each month. The cost of your premium varies based on your yearly income.

With Medicare Part B, you’ll have a copay and a deductible for the year. Until you hit your deductible, you will have no copay. When you hit your yearly deductible, you will pay your copay, which counts as a portion of the price of your care and is traditionally 20 percent of your medical costs.

Learn More About Medicare Part B

If you have any questions or want clarification about Medicare Plan B, Caring Insurance Solutions can help you. Our staff is trained in providing information about insurance options. Give us a call at 405-694-0892 today.

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