What does Medicare Part B cover? Should I Consider a Supplement Plan?
The first thing you need to know is that all supplement plans sold are identical with every company that offers them. There are 11 plans (A through N designed by the Federal Government). For example, Plan F sold by one company has the same coverage as a Plan F sold by another company.
Our agents meet with you in person at your home, our office, or even a coffee shop so you can meet them and have everything laid out in front of you.
Unlike an HMO, Medicare Supplements offer freedom to use virtually any doctor and any hospital of your choice in the United States, and you never need a referral. You may even choose a plan that covers your entire doctor visit, tests, hospital stays, etc. without having to pay a co-pay or deductible. Just show your card, and walk away. It’s all paid for! Isn’t this the way insurance is supposed to be?
Medical Expenses – Medicare Part B Is The Medical Insurance Portion Of Your Plan
It Pays Benefits For Medicare covers services like surgeries, doctor visits, some blood, laboratory services and supplies (like wheelchairs and walkers) considered Medically Necessary. Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.
Updated for 2017:
In 2017, the standard premium amount will be $134 (or potentially higher depending on your level of income). If you receive Social Security, benefits, you will pay less than this amount as the cost-of-living for 2017 Social Security did not increase as much as the Part B Premium.
Paying your Part B Premium along with your monthly Social Security benefits will result in paying about $109 on average. The exact amount you will be paying for Part B will be declared by Social Security in 2017.
You will pay the normal premium amount if any of the following apply:
- 2017 is the first time your enroll in Part B
- You do not receive Social Security benefits
- You are directly billed for your Part B premiums
- Medicaid pays any premiums because you have Medicaid and Medicare (therefore your state will pay the standard premium amount of $134)
- Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount. If so, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
Coinsurance & Deductible
You pay $183 per year in 2017 for your Part B deductible. After the deductible is met, you will usually pay 20% of the Medicare-approved cost for most doctor related services (including many services while you are a hospital inpatient), outpatient therapy, and durable medical equipment.
Contact us if you would like to schedule an appointment to walk you through the details at no obligation.