Medicare Part B (medical insurance) helps cover the outpatient services you receive from doctors and other healthcare providers:
- Doctor visits
- Outpatient hospital care
- Home health care not covered by Part A
- Durable medical equipment (including wheelchairs, walkers, and hospital beds)
Part B covers medically necessary services and supplies that meet accepted standards of medical practice to diagnose or treat a medical condition. In addition, it covers preventive services, like screenings, flu shots, vaccines, and yearly wellness visits.
Your premium is deducted from your Social Security check each month, and you must meet a deductible. You’ll also need to pay a percentage for most doctor services, usually 20%.
For many retirees, Part B is a critical component of an overall health package. If you don’t sign up for Part B when you’re first eligible, you may be penalized by paying a much higher monthly premium.