Medicare Part B Plan

The Medicare Part B Plan is one of four plans offered by Medicare. Medicare Part A and Medicare Part B are offered through Medicare and are referred to as original Medicare while Parts C & D are offered through insurance companies. Plans C & D are optional coverage programs.

Part B helps pay for doctors, outpatient hospital care, and some medical services that Part A does not cover. Part B requires the beneficiary pay a monthly premium to Social Security. The Part B premium has increased over the life of the program.

Probably the easiest way to stay informed about the cost of the Part B premium is to go to http://www.medicare.gov and get the latest published information. In addition to the monthly premium, Part B costs include deductibles and coinsurance amounts.

These costs are absorbed by the beneficiary or through coverage by another insurance plan called a Medicare Supplement or one called a Medicare Advantage plan. A person with Part B who has a supplement or advantage plan generally does not pay the costs for the above mentioned services or for outpatient physical therapy and speech pathology, diagnostic x-rays and laboratory test, prosthetic devices, diabetes screening test, a one-time physical within 6 months of enrolling in Part B, home dialysis supplies and equipment and chiropractor treatment by manual manipulation of the spine with x-rays excluded, pap smears, annual mammography screening for women age 40 and over, colorectal cancer screening, home healthcare, bone mass measurements, eyeglasses following cataract surgery, prosthetic devices and durable medical equipment and other health services and supplies not covered by Medicare Part A.

Medicare Part B generally pays 80% of the approved amount above the deductible for the above charges. This means a person with a supplement or advantage plan does not face the associated charges.

Maintaining Medicare Part B insurance appears to be money smart for any Medicare beneficiary. Given the coverage is extensive and if coupled with additional private insurance, a person’s medical bills should not be very high.