Signing Up for Medicare Part B
Delayed beginning your Medicare Part B? Are you now ready to begin those earned benefits? Completion of two forms is required to begin your Medicare Part B. You have multiple options to complete those two requirements for Medicare Part B.
Options to Register for Medicare Part B:
- Online by visiting Social Security’s website.
- Call your local Social Security office and complete the process over the phone. This may require scheduling an appointment for a call back.
- In person at your local Social Security office.
- Complete the forms and fax or mail them to your local office.
- You may access the two required forms by clicking – Form CMS 40B and Form CMS L574.
What Does Medicare Part B Cover?
Medicare Part B (medical insurance) is the part of Medicare that covers medical services and supplies that are necessary to treat your health condition. This includes such services as outpatient care, preventive services, ambulance service, therapy services, and durable medical equipment.
Medicare Part B covers some preventive services as well. This includes a one-time “Welcome to Medicare” preventive visit, flu and hepatitis B shots, cardiovascular screenings, cancer screenings, diabetes screenings, and more.
Many enrollees assume that Medicare Part B will provide them with 100% coverage. Regrettably, that is not true. Medicare Part B has out of pocket expenses that you are responsible to pay. Once the Part B deductible is met, Medicare Part B will generally pay 80% for services. There is no limit to the remaining 20%. Medicare Supplements or Advantage Plans are important to offset this expense. They protect individuals from incurring large medical bills from the remaining 20% not covered by Part B.
What is the cost for Medicare Part B? The standard Part B premium amount for 2024 is $174.70. Most people will pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
As your independent agency, we provide you free and unbiased assistance. We work for you and the not the insurance companies. If you have any questions concerning your current coverage or enrolling in Medicare Part B, please give us a call. Let our years of experience assist you in making the right decision.
Toll free at 1-877-756-9005
Belmont Office – 662.454.9800 Tupelo Office – 662-269-8833