Part B - Medical Insurance
Medicare Basics Video
Medicare Part B
Medicare is a federal health insurance program. It’s for people age 65 or older, others under 65 with certain disabilities and people of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant)
Part B covers (Medical and Preventive Services):
- 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)
- Many preventive services (like screenings, shots or vaccines, and yearly “Wellness” visits)
You can sign up for Part A and B during your Initial Enrollment Period witch starts 3 months before you turn 65 and ends 3 months after the month you turn 65 – for a total of 7 months.
If you miss the 7-month Initial Enrollment Period you can sign up during the General Enrollment Period between January 1st and March 31st of each year. You may have to pay a monthly late enrollment penalty if you don’t qualify for a Special Enrollment Period.
A Special Enrollment Period is only available for a limited time and only allowed under specific circumstances.
If you are already collecting Social Security benefits when you turn 65, you will automatically be enrolled in Medicare Part A. You will also be signed up for Medicare Part B, if you sign up for Medicare Part B at the time you sign up for retirement benefits.
In order to keep your Social Security benefits, you must have Part A benefits.
Medicare Part B doesn’t cover 100%; you need to enroll in a Supplement Plan or a Part C (Advantage Plan) to help you cover what Medicare Part B doesn’t cover.
What is the cost of Medicare Part B?
You have to pay a monthly premium for Medicare part B, which is typically taken out of your Social Security monthly check.
For 2023, this fee is about $164.90 per month. However, if your gross income is above a certain amount, you may pay a higher monthly premium.
The exact monthly fee will vary depending on your income.
If you are low income, the State of Arizona may pay your part B premium for you.
Part B is also optional. If you don’t need it because you have other employer coverage, you don’t have to pay for it. You have to ask to opt out. Otherwise, the Medicare premium will be deducted from your Social Security check automatically.
There’s a penalty for signing up late.
If you don’t sign up when you first become eligible for part B, your monthly premium may go up 10%.