Medicare Part B for 2023

Medicare Part B: An Overview Medicare Part B is a part of Original Medicare that covers medical services and supplies considered medically necessary. These may include doctor’s visits, outpatient care, durable medical equipment, home health services, physical and occupational therapy, and preventive services. Part B primarily covers care provided in outpatient settings, as opposed to hospital care covered by Part A. While enrollment in Part B is optional, most people eligible for Medicare choose to enroll in order to have access to a wider range of medical services and supplies.

1. The Consequences of Not Enrolling in Medicare Part B If you are eligible for Medicare but do not enroll in Part B during your initial enrollment period, you may be required to pay a late enrollment penalty if you decide to enroll at a later date. The penalty is calculated by multiplying the number of months you did not have Part B coverage by the national late enrollment penalty rate, which is currently 10% per month. This penalty is permanent and will continue to be added to your monthly Part B premium. It is generally advisable to enroll in Part B when you are first eligible to avoid this penalty.

2. Exceptions to the Late Enrollment Penalty for Part B There are certain circumstances in which you may be exempt from 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).

3. When to Enroll in Medicare Part B You are typically required to enroll in Medicare 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 are not already receiving Social Security or Railroad Retirement Board benefits when you turn 65, you will need to actively enroll in Part B. If you are already receiving these benefits, you will automatically be enrolled in Part B.

4. Changes to Medicare Part B in 2023 There may be changes to Medicare Part B in 2023, but these have not yet been announced. It is 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.

Choosing a Medicare plan can be complex, convoluted, and outright confusing. We at YourMedicare by AYA and Associates make it clear, simple, and understandable. For more information or to have your question answered please call us at 559-343-2333 or visit our video site https://your.medicare247.org/ to learn more about the basics of Medicare and set an appointment with a specialist.