What is Medicare Part B?

Medicare part B is the section that most people use in retirement. It ensures that citizens and qualified legal residents are able to receive the medical care they need every single day to remain healthy and active. It is often mixed up with the Medicaid program, which is for needy people of any age who cannot afford to pay for their own insurance.

Part A deals directly with hospital visits and other types of intensive care, but Medicare Part B deals only with routine doctor visits and other non-intensive care. This may include immunizations, tests, exams, and outpatient services or surgeries from a hospital or nursing facility.

Any legal U. S. Citizen or legal resident who has been in the country for at least 5 years is eligible to apply for this type of coverage. The proper time to apply is 3 months prior to turning 65. This is the rule that remains in effect, even though the retirement age is no longer 65.

It is important for everyone to be aware that there are penalties if you do not apply for this coverage when you first become eligible. There are penalties for anyone who waits a year or more to apply beyond their initial eligibility window. For every year that you wait, there could be a penalty attached to the rate you end up paying.

3 months before turning 65 years old is when the initial eligibility window opens. Miss that window and you will find yourself facing penalties for every year that you waited to apply. In the case the window is missed, there is a general enrollment period every year that goes from January 1 to March 31. Just remember that anyone can use this general period to enroll, but there are those penalties if you wait too long.

Not everyone will get Medicare Part B coverage for free. There are guidelines that determine your rate, including special guidelines for those who have higher incomes.