IMPORTANT NOTE: This page is intended to provide individuals with some basic “Need to Know” information. For a more comprehensive understanding please see the Official “Medicare and You” guide from the Centers for Medicare and Medicaid Services.
Medicare Part B is also known as the (Medical Insurance Part.) You will typically want to enroll in Medicare Part B during your initial enrollment period. Your initial enrollment period is a 7 month window at the time you are first eligible for Medicare (Either the month you turn 65 or the 25th month of disability).
Example: Mary turns 65 on July 15th, 2014 she is eligible to enroll in Medicare Parts A,B,C, and D from April 2014 till October 2014.
Note: It is important to understand when Mary’s coverage will start! If you sign up for Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance) during the first 3 months of your Initial Enrollment Period, your coverage starts the first day of your birthday month, unless your birthday is on the first day of the month.
If Mary’s birthday was July 1st and she signed up in April her Coverage would start on June 1st.
Most people should enroll in Part B as soon as they are eligible, and some may be required to such as TRICARE and CHAMPVA recipients. The standard cost for Part B is $121.80 for a majority of individuals. However, if your Modified Adjusted Gross Income is over $85,000 for an individual or $170,000 for a a joint return you may have an increased premium. Please see the Medicare website for a chart on how much you will pay and to enroll in Part B. Some choose to stay on their employers’ plan instead of enrolling in Part B, but there are many rules surrounding this. DO NOT make this choice without consulting with us. There are permanent penalties for missing the proper enrollment times for spouses and yourself that may be very costly later on.
Current information for year 2016