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By Ryan Kennelly

February 25, 2021

Topics:

  • Medicare
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What Does Medicare Part B Cover?

February 25, 2021

  • Medicare

Part B (medical insurance) helps pay for:

  • Doctor office visits and services, lab tests and most outpatient care
  • Most people pay a monthly premium for Part B.
  • You can enroll in Part B during your Initial Enrollment Period. This is a 7-month period — the three months before your birthday month, your birthday month, and the three months after your birthday month.
  • If you decline Part B during your Initial Enrollment Period and enroll during the General Enrollment Period, you may pay a penalty. The monthly premium for Part B goes up 10% for each 12-month period that you could have had Medicare, but didn’t sign up for it. The penalty increases as Medicare premiums increase.
  • If you decline Part B during your Initial Enrollment Period because of coverage due to active employment for a company with 20 or more employees, you should enroll during your Special Enrollment Period.

Be sure to enroll in Part B if you:

  • Are retired
  • Are not working
  • Have COBRA or retiree health coverage
  • Have a group health plan that pays second after Medicare pays

If your work status changes, call the Social Security Administration at 1-800-772-1213. Ask how your change in work status may affect your Medicare coverage. TTY users should call 1-800-325-0778.

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