Page 4 - Stayling Well and Feeling Good - Q3 2021

How to apply for Part B
You can enroll in Medicare Part B
by contacting the Social Security Administration at socialsecurity.gov or 1-800-772-1213 (TTY: 1-800-325-0778).
Part B late enrollment penalty
Though enrollment in Medicare Part B is optional, be warned. If you don’t sign up for Part B when you’re first eligible and decide you want to enroll later, you may have to pay a 10 percent late penalty for each 12-month period you delayed enrolling. In most cases, you will pay this penalty for as long as you have Part B coverage.
Example: If Roy’s monthly Part B premium is $100, but he enrolls one year late, there may be a $10 late penalty added to his premium. If he delays for two years, the late penalty may be $20, and if he waits three years, he may pay an additional $30
a month.
Medicare Part B premium and out-of-pocket costs
Medicare Part B is not free. It is available for a monthly premium based upon your income level, and the monthly premium may change from year to year. You can choose to have your premium deducted from your monthly Social Security check, or you can choose to be billed. In 2021, the standard Part B premium was $148.50. The Medicare.gov eligibility tool can help calculate your premium.
Part B also has an annual deductible and coinsurance for the services you receive. This means after you have met your initial deductible, Medicare will pay a certain percentage of your bill, while you pay
the remainder.
Learn more about how Medicare works. Visit ibxmedicare.com/educate.
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