Michael M Insurance Blog

Medicare Part B

Apr 2, 2021 | 0 comments

What’s covered? Medicare Part B covers all medically necessary procedures outside of an admitted Hospital stay(Part A). The Good News is you can use your Medicare Card with any doctor that accepts Medicare. The Bad News is it comes with a Monthly Premium of $164.90 and some could pay as much as $560.50 depending upon their income(See IRMAA below). That’s the entry fee and when you begin to use Medicare Part B (Without having additional insurance) your Cost Share will be as follows:
Annual Deductible– You will be responsible for the first $226.00 of your Medical coverage. 
Cost Share– After the deductible has been satisfied Medicare will then pick up 80% of all costs leaving you responsible for the remaining 20%. While on the surface this seems like a pretty good deal  it is a little deceiving. The big question is: 20% of What? Well Gee, a $100 Primary Care Doctor, that’s $20. Wait a minute, what if I had $100,000 worth of Chemo? Get the point? This is designed perfectly for someone that has minimal medical needs. Also, and this is the most important thing to consider, there is No Cap on what you can spend in a calendar year. The Sky is The Limit and and after New Years you get to do it all over again if you don’t have a Medicare Health Insurance Plan in place.
Talk to your Medicare Advisor, he’ll guide you to the plan that’s appropriate for your individual needs. Cap Your Costs!