Should You Buy Medicare Part B?
Medicare Part B becomes available to people when they turn 65. Unless, they are eligible prior to 65 due to permanent disability. Part B of Original Medicare covers outpatient services. These services include doctors visits, lab work, testing, outpatient surgery and most medical procedures done on an outpatient basis. In general Medicare Part B covers 80% of the cost of services after you meet the annual deductible of $147.00.
There is a cost for Medicare Part B
The cost is $104 a month for most people, although it can be higher for those earning higher income. There is also a penalty for those that do not purchase Medicare Part B when they are first eligible for it. Most people will pay the penalty if they enroll late. There will not be a penalty for someone 65 or older if they receive coverage from their employer and are actively working. The penalty also would not apply to the spouse on the plan. If someone is 65 or older and getting coverage from an employer but is NOT actively working, they will pay a penalty for not signing up for part B when first eligible.
As a result, it is advisable to purchase Part B when first eligible. Unless you fall under the actively working and getting coverage category. You cannot purchase a Medicare Supplement or Advantage plan without Part B of Medicare. This is another good reason to purchase it when you are eligible.
If you would like more information about health insurance plans. Please contact us either by phone at (203)796-5403 of by email at [email protected] We are here to help you feel comfortable with your insurance coverage. We will find you a plan that fits both your medical needs and your budget.