Part B
The second part of Medicare is Part B, which is your medical insurance. Some people automatically get Part B coverage, whereas others have to sign up when they first become eligible. Most people pay the standard premium is normally automatically deducted from your social security check. If you’re not going to be receiving a social security check, you will need to make an appointment with your local social security office to arrange a payment plan.
Part B Covers:
- Medically necessary services, both inpatient and outpatient, including physical and speech therapy
- Preventative services, such as flu prevention
- Clinical research
- Ambulance services
- Durable Medical Equipment
- Mental Health Care: inpatient, outpatient and partial hospitalization.
Each year the first $183 worth of services is your responsibility; this is the Part B deductible. After the deductible had been met, Medicare will generally cover 80% of the remaining charges. The last 20% is also your responsibility, without a “cap” an no “stop loss”. Obviously, this means you are taking on a huge risk. However, a Medicare Supplement/Medi-Gap plan, such as Plan F, would pay for both the deductible and the 20% excess charges.