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Medicare - A Detailed Guide
Part B (Medical Insurance)

Part B (Medical Insurance): Part B helps cover services from doctors and other health care providers, outpatient care, home health care, durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment), and many preventative services (like screenings, shots or vaccines, and yearly "wellness" visits). 

Premium:  Part B has a premium.  In 2023, for most people, the premium is $164.90 per month.  The premium is generally deducted from your social security check.

Co-insurance:  Part B has co-insurance of 20%.  This means that Part B will cover 80% of your medical bills and you will be responsible to pay the other 20%.

Penalites:  If you choose not to enroll in Part B you will start to accrue a Part B penalty.  The penalty is paid on a monthly basis if you enroll in Part B at a later date.  For more information on the Part B penalty, see the next page.

Qualifications:  Having Part A and Part B qualifies you for Medicare Advantage plans and Medicare Supplement plans, both of which help with the 20% co-insurance from Part B.  It is inevitable that you will need medical insurance at some point so it is always best to get Part B as soon as you are eligible to avoid any penalties.

Ways to get Part B:

  • Online (at Social Security) - It's the easiest and fastest way to sign up and get any financial help you may need. (You'll need to create your secure my Social Security account to sign up for Medicare or apply for benefits).

  • Call Social Security at 1-800-772-1213.  TTY users can call 1-800-325 0778.

  • If you or your spouse worked for a railroad, call the Railroad Retirement Board at 1-877-772-5772.

  • Request a call from one of our agents.  They will be happy to help you get set up.

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