Note: It’s Time! Medicare Open Enrollment is the time of the year beneficiaries have to review plan options and ask questions about different plans. This period runs from October 15-December 7, 2012. The National Hispanic SMP (NHSMP) encourages you to consider reviewing your Medicare drug or health care plan, but it is not mandatory. For more information, visit www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227).
Medicare is broken down into four parts: Part A, Part B, Part C and Part D. Nobody needs all four plans to have a complete Medicare package. This post will describe the basics of Part B plans. Read about Part A, and check back for other posts in this series about Part C and Part D.
What is Part B?
Part B is also known as “medical insurance”.
What does Part B cover?
Part B covers medical and preventive services. Coverage rules can differ depending on whether a beneficiary has a Medicare Advantage Plan or other Medicare plan. However, your plan must give you at least the same coverage as Original Medicare. (Original Medicare is fee-for-service coverage under which the government pays your health care providers directly for your Part A and/or Part B benefits.) Additionally, some services may only be covered in certain settings or for patients with certain conditions.
How much does Part B cost?
Each month beneficiaries pay a premium for Medicare Part B (medical insurance). While most beneficiaries pay the standard premium amount, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay more. More about Part B costs from Medicare.gov.
Use Medicare’s Check Enrollment tool to learn more about your current plan. To start the process you will need your:
- Zip code
- Medicare number
- last name
- effective month and year that Part A or B coverage began for you (this would be the month and year you turned 65 if you signed up on time.) Read this article to find out when your coverage started.
- date of birth
Remember that beneficiaries have until December 7 to make any changes to their Medicare health care or drug plan. While Medicare Open Enrollment is optional, it is helpful to compare your existing plans to others to ensure that you are getting the best coverage with most convenience at the best cost.
