Medicare Part B And The 2023 Changes
If you’re eligible for Medicare, you may be wondering about Part B and whether or not it’s right for you. Medicare Part B is a component of Original Medicare that covers a variety of medical services and supplies considered medically necessary. These can include doctor’s visits, outpatient care, durable medical equipment, home health services, physical and occupational therapy, and some preventive services. Part B generally covers care provided in outpatient settings, rather than in hospitals, which is covered under Part A. While enrolling in Part B is optional, many people choose to do so in order to have access to a wider range of medical services.
If you don’t enroll in Part B during your initial enrollment period, you may be subject to a late enrollment penalty if you decide to join later on. This penalty is calculated by multiplying the number of months you were without Part B coverage by the national late enrollment penalty rate, currently set at 10% per month. This penalty will be added to your monthly Part B premium on an ongoing basis. It’s generally a good idea to enroll in Part B when you’re first eligible to avoid this penalty.
There are certain exceptions to the late enrollment penalty for Part B. These include having creditable coverage through an employer or union-based group health plan, being eligible for a special enrollment period after losing employer or union coverage, qualifying for a Medicare Savings Program, or having End-Stage Renal Disease (ESRD).
You’re generally required to enroll in Part B during your initial enrollment period, which is a seven-month period that begins three months before you turn 65 and ends three months after the month you turn 65. If you’re not already receiving Social Security or Railroad Retirement Board benefits when you turn 65, you’ll need to actively enroll in Part B. If you’re already receiving these benefits, you’ll be automatically enrolled in Part B.
There may be changes to Part B in 2023, but these have not yet been announced. It’s important to stay informed about any updates to the program and to review your coverage options each year during the annual enrollment period. This is the time when you can make changes to your Medicare coverage, including enrolling in or disenrolling from Part B.
If you’re looking for guidance on choosing a Medicare plan, Your
care by AYA and Associates can help. Our team makes the process clear, simple, and easy to understand. If you have questions or need support, don’t hesitate to reach out to us. You can call us at 559-343-2333
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