The part B of the Medicare provides coverage to the consultations with the physicians, charges for the services offered such as the hospital beds and certain other things. To avail the services, the person has to sign up and pay premiums regularly.
The coverage is based on 80/20 rule, which means that the Medicare covers for the 80% of the costs while the beneficiary has to pay the remaining 20%. The enrollment for the Medicare part B is done in three different periods:
Initial enrollment period starts from three months prior to the 65thbirthday month and extends till the later three months of the birthday. It is advised that you apply in the very first three months to avail it from the very month you turn 65. If the application is delayed, it results in the delay of the coverage.
The General enrollment period is for the people who did not avail it when they were eligible for the first time. This can be done during Jan 1st – Mar 31st with a higher premium due to the late enrollment. The coverage starts from the July of that very year.
If in case, you did not sign up for the very first time you were eligible for the Medicare because you already have a coverage provided by the employment or else by a family group insurance, you may think of the following options under the Special enrollment period:
The standard part premium per month is $99. However if the gross income is above a certain level based on the latest IRS information, the applicant has to pay a bit more and it varies according to the income.