Do you need Medicare Part B?

Medicare Part A is highly advisable because it covers hospital care. If you get premium-free Part A, you don’t have to buy Part B. If you have to buy Part A, it must be purchased with Part B.

Medicare Part B is medical insurance. While you can opt-out of Part B if you have premium-free Part A, you should consider the implications of doing so.

What is Medicare Part B?

Medicare Part B (Medical Insurance) is offered through Original Medicare and covers annual wellness visits, laboratory tests, bloodwork, x-rays, medical equipment, mental healthcare, and ambulance services.

What If I Delay Enrollment?

If you have health insurance through your employer of more than 20 people, you qualify for a special enrollment period. This special enrollment period allows you to enroll once you lose the coverage or are no longer employed. If you enroll during the eight months of your special enrollment period, you do not have to pay a late enrollment penalty.

Other examples of delayed enrollment include:

  • If you have retiree or COBRA coverage, you are advised to enroll in Part A and B at the same time during initial enrollment.
  • If you have TRICARE and are retired, enroll in Part B to continue coverage. If you are active duty, enroll in Part B before retiring to avoid a break in coverage.
  • If you have Veteran’s benefits, enroll in both Parts A and B when you are eligible.
  • If you have CHAMPVA, enroll in Part B to keep your coverage.
  • If you have End-Stage Renal Disease (ESRD), you should enroll in Part B (without a late penalty) to receive Medicare’s full benefits for your condition.
  • If you have another private insurance, drop it and enroll in Parts A and B when you turn 65.
  • If you don’t have coverage, enroll in Part B when first eligible.

Late Enrollment Fees

Part B’s late enrollment penalty adds 10% of the standard premium rate for each 12-month period you went without signing up. This lasts as long as you hold Part B coverage. The standard premium rate is $144.60.

For all of your Medicare questions, speak with Turning 65 Solutions.

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