What Does Medicare Part B Involove?

As you get older and your need for health care increases, so can your related medical expenses. Fortunately for many senior citizens, the federal government offers low-cost medical insurance through its Medicare program. Medicare consists of four parts, Part A, Part B, Part C and Part D. Medicare Part B can help cover the costs of many everyday medical expenses.

Identification

• While Medicare Part A covers major medical expenses like hospitalization and Part D covers prescription drugs, Medicare Part B covers other expenses that are deemed medically necessary. Typical covered events include doctor visits, outpatient care and home health services. Preventive services that can help enrollees discover serious illnesses in the early stages are also included, such as bone mass measurement, cardiovascular screening, colon cancer screening and glaucoma tests. As of 2011, Medicare offers a free one-time "Welcome to Medicare" physical exam to new enrollees.

Eligibility

• You are eligible for Part B upon turning 65, although people with certain disabilities may be eligible sooner. Part B is not mandatory, so you need to enroll to obtain the coverage. Most people enroll in Part B at the same time as Part A. You may enroll during the seven-month period that includes the three-month periods prior to and after your 65th birthday. If you wait until after this time, you can enroll between January 1 and March 31 of each year.

Cost

• Unlike Medicare Part A, you must pay a premium for Medicare Part B. As of 2011, individuals with an annual income at or below $85,000 and married individuals with a joint income at or below $170,000 pay $115.40 per month. If you elect to wait to enroll after your initial eligibility period, you may be required to pay an additional premium based on the length of time that has passed since your initial period.

Considerations

• Situations can occur where you can enroll in Medicare Part B after the initial eligibility without incurring a penalty. If you have maintained health insurance coverage from an employer or other source beyond the age of 65, you can enroll in Part B with no penalty should that coverage end. However, you must do so within eight months of the ending date of your previous health insurance plan or the end of your employment, whichever occurs first.