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Medicare Part B –Outpatient Coverage (medical insurance picks up where part A leaves off)

Medicare Part B picks up – to a large extent – where Medicare Part A leaves off, covering many of the outpatient services and products not covered by the "hospital insurance."

Part B coverage pays for a broad range of medically necessary services not covered during inpatient treatment, including ambulance services, certain surgical procedures, mental health care, physical therapy, transplants, urgently needed care and more.

In addition, Part B covers preventive medical services, including diagnostic tests (such as MRIs, CT scans, EKGs and x-rays) and a host of screenings (such as pap tests, HIV screening, glaucoma tests, hearing tests, diabetes screening and colorectal cancer screenings).

Part B also pays the costs of durable medical equipment such as wheelchairs, hospital beds and oxygen equipment.

Part B - What's the cost?

You pay a Part B premium each month. 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 more.

If Your Yearly Income in 2014 was                                                                        You pay
File Individual Tax Return                         File Joint Tax Return
$85,000 or less                                         $170,000 or less                                  $121.80
above $85,000 up to $107,000               above $170,000 up to $214,000       $170.50
above $107,000 up to $160,000             above $214,000 up to $320,000       $243.60
above $160,000 up to $214,000             above $320,000 up to $428,000       $316.70
above $214,000                                         above $428,000                                  $389.80

If you have questions about your Part B premium, call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778. If you pay a late enrollment penalty, these amounts may be higher.

Part B Deductible - $166 per year.  After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment.

How do I enroll in Part B?

If you are already receiving Social Security benefits, you will be notified three months prior to your 65th birthday that you are about to become a Part A Medicare consumer and that Part B is an option. You'll receive the Part B card at the same time as the Part A card.

If you choose not to enroll in Part B, you must return the card or $104.90 will automatically be deducted from your Social Security checks. If you keep the card, Part B coverage kicks in on your 65th birthday.

It's important to note that if you fail to enroll in Part B during the initial invitation period, the program will offers you another opportunity to enroll each succeeding year (January 1 - March 31). The catch? Each year you are eligible for Part B but turn it down, your monthly premium will be increased by 10 percent.