MEDICARE PART B – DO YOU NEED IT?
Medicare might be applicable to you if you are 65 or older, suffer from end-stage Renal Disease (kidney failure) or are disabled under the age of 65. In addition to Medicare Part A (hospital coverage), Medicare Part B plays an important role in your health benefits.
What is Medicare Part B
Medicare Part B is an additional part of your Medicare benefits plan. Whereas some individuals automatically get enrolled in Part B, others might have to specifically sign up for it. Individuals who are already enrolled in Social Security or Railroad Retirement Board automatically get signed up for both Medicare Part A and Medicare Part B coverage. Medicare allows you to postpone or even cancel Part B coverage if you choose not to receive these benefits. Some may do this because they choose to continue to work and remain on their Employer Group Benefit Plan.
Medicare Part B Deductible
For 2022: Your Medicare Part B deductible is $233.00. In addition, the coinsurance that you will be expected to pay will be 20% of Medicare eligible charges. There is no cap on the amount of expenses that you can incur.
What does Medicare Part B Cover
Original Medicare Part A serves as the hospital portion of coverage and Original Medicare Part B provides coverage for medical services such as visits to the doctor or outpatient care. Some examples of covered expenses in a Original Medicare Part B include:
- Physician visits
- Preventative tests and screenings for various illnesses such as glaucoma, cardiovascular disease, prostate cancer, colon cancer, HIV and diabetes
- Lab analysis for blood and urine testing
- Flu and Hepatitis B shots
- Mammograms, pap tests and pelvic exams
- Limited home health services such as occupational therapy, oxygen equipment and speech language pathology
- Ambulance services if necessary
Medicare Part B Premiums
Unlike Original Medicare Part A, individuals typically pay a premium for Original Medicare Part B. Typically it is deducted from your Social Security or retirement funds. This premium is based on various factors including your income and how you file taxes. Individual tax payers with incomes less than 91,000 will pay the Part B premium of $170.10 each month in 2022.
The following graph shows how much a person would pay if the income exceeded 91,000. The higher amount is referred to as the Income Related Monthly Adjustment Amount (IRMAA).
IRMAA
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: | Income-related monthly adjustment amount | Total monthly premium amount |
| Less than or equal to $91,000 | Less than or equal to $182,000 | $0.00 | $170.10 |
| Greater than $91,000 and less than or equal to $114,000 | Greater than $182,000 and less than or equal to $228,000 | 68.00 | 238.10 |
| Greater than $114,000 and less than or equal to $142,000 | Greater than $228,000 and less than or equal to $284,000 | 170.10 | 340.20 |
| Greater than $142,000 and less than or equal to $170,000 | Greater than $284,000 and less than or equal to $340,000 | 272.20 | 442.30 |
| Greater than $170,000 and less than $500,000 | Greater than $340,000 and less than $750,000 | 374.20 | 544.30 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | 408.20 | 578.30 |
Florida Medicare Supplements
The first step in making sure that the gaps in Medicare are filled and you have a good understanding of what is available to you. There are basically three ways to accomplish this.
- Florida Medicare supplement
- Florida Nedicare Advantage Plans
- Personal savings
Clients tell us that trying to figure out what direction to take can often feel like going through a maze. That is where we come in. We know that Medicare is not one size fits all. We can simplify things by asking you a some questions and providing you with the necessary information you need to make an informed decision about what is right for you. We offer a truly unbiased approach and practical solutions to help you find a plan that will most suit your needs and budget.
Call us today, toll free at 1-888-564-2326. Look for our Testimonial Page that is coming soon.
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Nisona serves the insurance needs of the Treasure and Space Coast.