i recently did a video there was a full overview of all parts of medicare and one of the problems
was it's about an hour and a half long so some people have asked that i break it up into pieces
to make it easier to find exactly what you might be looking for so that's exactly what i'm gonna
do right now and i'll put the link to the longer video in the description below but this piece is
gonna be on medicare part b gives you a pretty full overview and makes it easy to understand
everything you need to know about medicare part b i hope you find it helpful stay tuned
okay so moving on to original medicare part b so this will be the section on medicare part b which
obviously is different from medicare part a in the last section we talked about medicare part
a covering stuff that goes on inside the hospital medicare part b covers stuff that goes on outside
the hospital so important to understand kind of how they function although when you go to have
stuff done you pretty much give your medicare card and it knows what's going on so it doesn't it's
nothing you have to do to make something happen differently inside the hospital versus outside
the hospital simply present your medicare card and things will happen the way that they're supposed
to happen so when we get into medicare part b you know it's kind of easy to understand another
one of our pictures that makes it a little bit easier to to understand and again medicare part b
is stuff that's outpatient so things like medically necessary services preventative services
doctor visits outpatient care preventive care home health care durable medical equipment
mental health clinical research things like that stuff that happens outside the hospital
anything that's inside the hospital pretty much medicare part a so you can see down at the bottom
same information without the picture what does medicare part b cover and then probably more
importantly what does medicare part b not cover and inpatient services so stuff that goes on
in the hospital that's under part a also doesn't cover dental vision and hearing and that surprises
a lot of people but it's generally just like stuff you had at work with your medical insurance where
you had a separate dental vision and hearing plan and that's the same with medicare dental vision
hearing would only fall under medicare if it were like in a car accident or something like that it's
not standard dental coverage or vision coverage or hearing coverage but there is a separate
policy for that so there are policies designed for people 65 and older for dental vision and hearing
we can obviously help with that as well medicare part b hospice care prescription drugs they're not
covered that's covered under medicare part d and then long-term care cosmetic surgery
obviously long-term care is not covered under health insurance it's a whole different scenario
so it doesn't cover long-term nursing care but it does cover rehab in a skilled nursing facility so
medically necessary services are like what they're supposed to be generally medicare is going to
cover anything that's medically necessary so if your doctor is saying it's something that you need
i don't ever hear medicare denying something like that so and that's on original medicare it can be
different under a medicare advantage plan because decisions are then made by an insurance company
versus being made by medicare but medicare pretty good stuff and it works pretty much exactly the
way it's supposed to to do and you know i relate a lot of times in videos where i have thousands of
clients and i literally get zero customer service calls if i get a call once in a month that's a lot
and it's usually somebody that misplaced their medicare card and is looking to figure out how
to replace that but for having stuff covered it's pretty much black and white and works just the way
it should so here i have another video on medicare part b and i kind of go over this stuff you know
really detailed in medicare part b these aren't long videos they're maybe three four minutes but
it's a little more detailed of exactly what medicare part b is you can also see a little
blue link there for part a if you click on any of the blue links it'll take you to the page
that has all the information on whatever the blue link is talking about so make sure you
you look through all that and take advantage of it and will medicare part b cover all of my my
outpatient needs and the answer is generally yes as long as it's medically necessary
that's what it does and that's what it's for so again a in the hospital be outside the hospital
so whether it's outpatient surgery if you're gonna you know have a colonoscopy or or something like
that where you're not admitted to the hospital it's gonna fall under medicare part b what are
the costs for medicare part b so this is important to understand so medicare part b unlike a
does have a premium so medicare part b has a premium which is currently 148.50 a month
so it's 148.50 50 cents a month for medicare part b for most people that premium is income
adjusted so what surprises a lot of people is if you have more income than you're supposed to have
going forward while you're in medicare you're going to pay more for your medicare part b you're
also going to pay more for your medicare drug plan part d so important to understand that it's called
irma and it's income related monthly adjustment something or other i go through that in a little
bit also in this video so we'll talk about that but that 148 can go up to as much as 400 and
some dollars a month so it can be significant especially if it's you and your spouse together
your your medicare part b premium can be high so i think the first line before it goes up is
annual income of seventy thousand dollars and again important understanding how they calculated
it's based on income two years ago because that's the tax information they have access to is two
years ago so a lot of times people made money two years ago and don't make as much money now
so you have to appeal that and i'll show you how to do that we have the form
and the instructions and all that stuff to make it easy but it's it's important to understand
so here are some more links in the book where if you click on medicare costs at a
glance it'll take you to the page that gives you a pretty easy breakdown social security benefits
things like that and then how do you sign up for medicare part b pretty much the same
way as medicare part a when it is time you know you're going to come into medicare you need to do
it early and if you're going to do it at age 65 it's going to start on the first of the month
that you turn 65 so if you're born on june 10th it's going to start on june 1st
unless you're born on the first of the month if you're born on the first of the month it's
going to start on the 1st of the prior month so if you're born on june 1st it's going to start on may
1st so if that's the case if you are a first of the month baby then you need to set this stuff up
super early because it's going to start 30 days ahead of when you actually turn 65 so make sure
you understand that and get it done when you need to get it done so here's that apply for medicare
button again if you're in the book you just click on it and it's going to take you right to the page
on social security of where you sign up for medicare part a and medicare part b it's really
not too complicated believe me you want to do it online if it's at all possible because these
days trying to call or make an appointment or things of that nature can just get really really
drawn out long wait times things of that nature so if you can do it online click right there do
it online and then what does medicare part be not cover and again doesn't cover what stuff the stuff
that medicare part a covers doesn't cover things that are inside the hospital but outside of that
pretty much as long as it's medically necessary it's obviously not going to cover cosmetic surgery
or things of that nature so you know it's pretty easy to figure out and again it works
just like it's supposed to work so very few complaints on how medicare a and b work with
the exception of maybe some out-of-pocket costs or if you got to pay more premium for your medicare
part b obviously not good stuff but we need to understand it so that we don't have any
surprises so what are your out-of-pocket costs for medicare part b so medicare part b does have
an annual deductible it's 203 dollars a year right now and that goes up usually a couple few dollars
every year but 203 dollar deductible annually runs january to january you pay it once per year
chances are if you're coming off health insurance right now you have a
thousand dollars maybe even a five thousand dollar deductible so two hundred three dollars annually
pretty small for medical coverage going forward once you have that deductible paid medicare pretty
much goes into 80 20 where they're going to pay 80 of the bill you're going to be responsible for 20
of the bill which is actually pretty good that's kind of how insurance used to be in the old days
yet 80 20 coverage where you're responsible for 20 of whatever is going to be charged now
with medicare if you have a supplement plan it's likely to cover that 20 percent so you're
likely to only have that 203 deductible for the year for anything that's outside the hospital
and then the supplements gonna cover pretty much all of the out of pocket for in the hospital so
again super low out of pocket on medicare you can have a slightly less medicare supplement plan that
might add a 20 copay when you go to the doctor but again very very good on the out-of-pocket
expenses for medicare a and medicare b so what is the late enrollment penalty for medicare part b
you want to do it when you're supposed to do it because if you don't do it when you're supposed
to do it they do give you a penalty and there's a 10 penalty annually for every year that you
waited so if you're supposed to sign up for part b now keep in mind if you're on
regular employer group coverage called creditable coverage then you do not have
to sign up for medicare part b if you are not on creditable coverage you do have to sign up
for medicare part b actually you don't but if you don't there's going to be a penalty when you do
so what a lot don't understand is employer retiree coverage is not considered creditable coverage
so if you're on retiree coverage you work for a big employer and they provided retiree coverage
and then you go into medicare later you're gonna have this penalty because it's not considered
creditable coverage also cobra is not creditable coverage so if you're on cobra you need to come
off a cobra you're probably paying an arm and a leg for the cobra come off of the cobra and
go into medicare when you're supposed to go into medicare or else there will be a penalty down the
road if you go into medicare later so here we are again and please leave a comment so my throats get
a little dry talking about medicare i'm hoping the least you'll do is leave a comment below the video
helps everything just go a little more viral and gets the video out there and it's a big help to me
to get youtube to say hey yep we need to show this to more people because it's
it's good information so just take a minute i'll respond to every comment personally
put something good put something boring whatever you want to do sounds good to me
you