Medicare Part B – Medical Insurance

Medicare Pat B is similar to the major medical health insurance that most people have before they turn 65. It helps to pay the cost of doctors’ services, outpatient hospital services and medical supplies. Medicare Part B generally pays 80% of charges it deems to be “reasonable”, this is also called Medicare Assignment . Most Doctors and most hospitals accept Medicare assignment, but some specialists like The Mayo Clinic in Jacksonville, FL do not. When a doctor or hospital does not accept Medicare Assigned prices they are said to charge and Excess Charge, this can be 115% of the Medicare Approved amount.

How Much Does Part B Cost?

Medicare Part B has a premium that must be paid on a monthly basis. The rate for 2012 is $99.90. Most people will pay the standard amount, depending on your income. If you do not enroll in Part B when you are first eligible, you may have to pay a late enrollment penalty.

Part B Generally has a 20% copayment, Medicare Pays 80% and the patient pays 20%. This means that if patients were to undergo heart surgery and the Medical Bill after the surgery amounted to $100,000, Then Medicare would Pay $80,000 and the patient would have to pay $20,000. Medicare Supplements were originated to protect individuals from the $20,000 medicare does not pay. Florida Medicare Supplement Plans will cover all of the 20% or $20,000 copayment amount.

Patient's charges with Medicare Part B

$140 Part B deductible

Then: 20% copayment

"If the Medical Bill for heart surgery is $100,000 then the coinsurance charge to you is $ 20,000"

 

Medicare Assignment:

Doctors agree to only charge the Medicare-approved amount for their services. Most doctors will accept Medicare assignment.

10 Steps to understand Medicare Supplemental Insurance

Medicare Part A - Hospital Insurance is coverage for inpatient hospital care, skilled nursing, hospice and some home healthcare, it can be thought of as room and board.

Medicare Part B - Medical Insurance is coverage for the services of medical professionals and supplies such as durable medical goods.

Medicare Part C - Medicare Advantage is private insurance that you can obtain by dropping traditional Medicare. It is also called Medicare Advantage..

Medicare Part D - Prescription Drug Coverage is insurance coverage that is added to traditional Medicare. It is usually purchased in addition to a Medicare Supplement.
Deciding between Medicare Supplement or Medicare Advantage? Choosing between Medicare Supplement and Medicare Advantage is an important decision we have provided a side by side comparison.

Gaps in Medicare Coverage Medicare part A and B recipients still have out-of-pocket charges in the form of deductibles, copayments, coinsurance, and benefit periods. We have outlined the current out of pocket charges.

Compare the different Medicare Supplement Plans Medicare Supplement plans A, N, and F are the most popular. Depending on your specific needs you may find one of the other plans more beneficial for you.
Medicare Supplemental Plan F is by far the most popular Medigap policy, it is also the most comprehensive covering more than any other plan.

Medicare Part B - Excess Charges are charges above the Medicare approved amount for a procedure, most doctors accept Medicare assignment but some specialists charge 115% of the Medicare approved amount.

Get Quotes for Medicare Supplements in your area click on the previouse link to get quotes for Medicare Insurance products in your area.

**The information on this website is intended for informational purposes only and may change at any time.   Medicare Supplement Advisor and V. Reed Speas himself are not connected with or endorsed by the U.S. government or the federal Medicare program.

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