While Part A is the foundation of the entire Medicare program, Medicare Part B is no less integral. Medicare Part B is especially crucial for seniors 65+ because of the types of situations and costs it covers. It is possible for people in the U.S. of any age to be stricken by terminal illnesses and/or other life-threatening diseases.

 

Part B covers expenses for non-inpatient terminal illnesses, debilitating medical illnesses, chemotherapy, testing for Diabetes and Pneumococcal vaccinations. It also covers kidney dialysis expenses and expenses pursuant to substance abuse and mental health treatments.

The primary Medicare enrollment period for Part B is during your Initial Enrollment Period (IEP). It is possible to apply for Medicare Part B at a later time but penalties are charged when you do. 

Standard average Medicare Part B premium 2024 costs are $174.70 per month. Your adjusted gross income, taxes and state/federal policies might raise or lower your Part B premium. 

Your individual Part B provider might also determine certain expenses and treatments as not being medically necessary, creating increased premiums and high out-of-pocket expenses. Medicare Part B does carry deductibles, coinsurance expenses and copays. It is typical for Part B enrollees to also pay out-of-pocket expenses for up to twenty percent of all office visit fees, medical equipment and various services.

Medicare Part B is complicated to understand but important for seniors to have. For example, Purchasing Part A requires seniors to also purchase Part B. Enrolling in Part B alone, however, does not require purchasing Part A.

Part B covers important items such as wheelchairs, spinal braces and expensive imaging. Seniors without Part B benefits are at risk of incurring large unaffordable medical bills or being denied certain treatments needed to save their lives. 

Medical enrollment periods are established at regular times each year to help seniors get the coverage they need. Sign up for Medicare Part B during your (IEP) to avoid costly penalties and/or being without crucial health insurance when you need it most.

Next, learn about Medicare Part C, also known as Medicare Advantage.