Medicare Part B is your medical insurance. It covers the vast majority of your healthcare needs outside of a hospital stay. This includes essential services like doctor visits, specialist appointments, lab tests, X-rays, ambulance services, outpatient surgery, and durable medical equipment like walkers or oxygen. It also covers many preventative services to help keep you healthy.

You will pay a standard monthly premium for Part B, which is set by the government each year and is often deducted from your Social Security check. Most people pay this standard amount. However, if your income is above a certain level, you may pay a higher monthly premium. This is known as the Income-Related Monthly Adjustment Amount, or IRMAA.

After you meet a small annual deductible, you are responsible for paying 20% of the Medicare-approved amount for most of your medical services. The critical thing to understand is that there is no yearly cap or limit on this 20%. A single expensive health issue could leave you with thousands of dollars in medical bills. This uncapped 20% is the primary reason why almost everyone gets additional insurance.

Yes, but with a very important catch. You can delay enrolling in Part B if you have other "creditable" health coverage, such as from an employer where you are still actively working. If you don't have this other coverage and you don't sign up when you're first eligible, you could face a permanent Late Enrollment Penalty that will be added to your monthly premium for the rest of your life. We can help you navigate this decision in Stuart or Palm City to avoid any mistakes.