Medicare Part , together with Medicare Part A, is also called Original Medicare. Medicare Part B is medical insurance. It may cover a wide range of items and services. Here’s a partial list of what Part B may cover:
How much will Medicare Part B cost me?
Most people do pay a monthly premium for Medicare Part B. The standard premium in 2021 is $148.50, but you may pay more if your income is above a certain level. If you have a low income or no income, in some cases Medicaid might pay your Part B premium. There are other costs associated with your
Part B coverage including deductibles, copayments, and/or coinsurance, which can all change from year to year. Your costs may depend on the type of service you’re getting and how often.
Am I required to enroll in Medicare Part B?
No. However, there may be additional future costs to you if you don't get Part B when you're first eligible. Unless you meet certain conditions, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage.
Can I avoid the late enrollment penalty?:
Maybe. Certain situations may allow you to waive the late enrollment penalty.
- Doctor visits
- Preventive services, like annual checkups and flu shots
- Medical supplies and durable medical equipment, such as walkers and wheelchairs
- Certain lab tests and screenings
- Diabetes care, such as screenings, supplies, and a prevention program
- Chemotherapy
- Physical and occupational therapy
How much will Medicare Part B cost me?
Most people do pay a monthly premium for Medicare Part B. The standard premium in 2021 is $148.50, but you may pay more if your income is above a certain level. If you have a low income or no income, in some cases Medicaid might pay your Part B premium. There are other costs associated with your
Part B coverage including deductibles, copayments, and/or coinsurance, which can all change from year to year. Your costs may depend on the type of service you’re getting and how often.
Am I required to enroll in Medicare Part B?
No. However, there may be additional future costs to you if you don't get Part B when you're first eligible. Unless you meet certain conditions, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage.
Can I avoid the late enrollment penalty?:
Maybe. Certain situations may allow you to waive the late enrollment penalty.
- You are working and have coverage through your job or have coverage through a spouse who is currently working. Work with your benefits manager to determine if you should enroll in Medicare Part B when you are first eligible.
- You have TRICARE, and are an active-duty service member or the spouse or dependent child of an active-duty service member. Before the active-duty service member retires, you must enroll in Part B to keep TRICARE without a break in coverage.
- You have End-Stage Renal Disease (ESRD). If you qualify for Part A, you can also get Part B. Enrolling in Part B is your choice. You’ll need both Part A and Part B to get the full benefits available under Medicare to cover certain dialysis and kidney transplant services. You can enroll in Part B without paying a late enrollment penalty if you apply for Medicare and are approved based on End-Stage Renal Disease (ESRD). If you’re paying a Part B late enrollment penalty when you apply for Medicare and enroll in Part B based on ESRD, your Part B penalty will be removed.