Medicare Part B – Medical Insurance

If you are not sure and want to find out if you have Part B Medicare plan, then take a look at your Medicare card. The card must have “MEDICAL (PART B)” printed on it.

You have to pay a premium for Part B Medicare plan. Most of you have to pay the standard amount that is estimated every year. However, you may have to pay a higher amount if you are single and earn more than $82,000 or if you have a spouse and your yearly income is more than $164,000.

When can you enroll for Medicare Part B – Medical Insurance?

General Enrollment Period : From January 1 to March 31 each year
Special Enrollment Period : You can sign up for Part B
* any time while you have group health plan coverage based on current employment.
* within 8-months of your retirement or when the group health plan coverage ends, whichever happens first.

As in Part A, the general enrollment period in Part B is January 1 to March 31. There is also a special enrollment period which you can opt for if either you or your partner is working and you have a group health plan coverage provided by that job.

You can also sign up for Medicare Part B while you have group health plan coverage based on your present employment or during an 8 month period, beginning from the month the employment terminates, or the group health plan coverage ends (whichever happens first).

Is there a Part B late-enrollment penalty?

Yes. If you are eligible and haven’t signed up for Medicare, your cost for Medicare Part B may go up by as much as 10% for each full 12-month period that you may have had Part B, but did not sign up. If the delay is because you or your spouse (or a family member, if you are disabled), who is working, has a group health coverage based on the job, you may be exempted from paying a higher premium.

What are the costs for Part B – Medical Insurance?

What you pay for Medicare Part B depends on the type of services you get and the type of plan that you choose.