MEDICARE PART B
PART B COSTS
You pay a premium each month for Medicare Part B (Medical Insurance). Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
- Most people pay a Part B premium each month.
- You pay an annual Part B deductible.
- Some people automatically get Part B. Some people have to apply for it.
- If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty.
- If your modified adjusted gross income as reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS) is above a certain amount, you may pay more.
- Social Security will contact some people who have to pay more depending on their income. The amount you pay can change each year depending on your income. If you have to pay a higher amount for your Part B premium and you disagree (for example, if your income goes down), you can appeal the decision.
- If you have limited income and resources, your state may help you pay for Part A and/or Part B.
PART B COVERAGE
Part B Medicare coverage is known as Medical Expenses Insurance program. Part B covers some of two types of medically necessary medical services.
- Diagnostic medical services necessary to determine, diagnose and treat a medical condition
- Some Medical services that are deemed and considered to be preventative in nature. The goal of these preventative services is the early detection in order to provide timely management of the medical situation.
If you feel you may qualify, or if you would like to find out how to apply, please contact our office at 503-659-5566 or toll free 1-888-944-4644. We are happy to help you in this process.