Medicare Part B
Medicare Part B is Medical Insurance that covers physician services, outpatient hospital care, and other medical services that Part A may not pay. Medicare Part B may cover certain Preventative Care services. You can find information about your coverage at Your Medicare Coverage Database.
Part B Cost:
Unlike Medicare Part A, Part B requires you to pay a monthly premium. Your Premium has the potential to be higher if you meet the following:
- You are single and your income is more than $85,000 yearly.
- If you are married with a joint income of more than 170,000 a year
Part B late Enrollment Penalty
A 10% penalty for each full 12-month period can be enforced on someone who did not sign up for Part B when eligible. Situations may occur during this period to allow someone to qualify for a Special Enrollment Period.
Someone may sign up for Part B if they receive benefits from Social Security or the Railroad Retirement Board. You will routinely get Part B on the first day of the month of your 65th birthday. Disability can qualify you for Part B if you have received Social Security or Railroad Retirement benefits for a period of 24 months. Amyotrophic Lateral Sclerosis and End-Stage Renal Disease has no waiting period for Part B.