Medicare 101: What is Medicare Part B?

TransAmerica Page: Medicare 101: What is Medicare Part B?

Now that you’ve learned about Medicare Part A, you may also be wondering what Part B can do for you. While Part A will help you with things like hospital stays and skilled nursing facility care, Medicare Part B helps with other areas in which you may need coverage. Find out what Medicare Part B covers and if it’s for you.

What does Medicare Part B cover?

You may remember that in Part A, we explained Original Medicare is the term used when a plan combines Part A with Part B. That’s because in addition to the benefits Part A will give you, Part Bcovers clinical research, ambulance services, durable medical equipment, mental health (inpatient, outpatient, and partial hospitalization), the ability to get a pre-surgery second opinion, and limited outpatient prescription drugs.

Who qualifies?

If you aren’t eligible for premium-free Medicare Part A, not to worry; you can buy Part B without having to buy Part A. Here are the qualifications you need to meet:
• 65 years or over
• A U.S. Citizen or permanent resident who has legally been in the country for five consecutive years

When should I enroll?

Much like with Medicare Part A, Part B’s has a seven-month Initial Enrollment Period. This means anywhere between the three months prior to month you turn 65, and the three months after that. For example, if your birthday is in April, you are eligible from January through July.

However, if you don’t sign up within that time, you may have to pay a late enrollment penalty for the entire time you have Part B. According to Medicare.gov, “Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B, and coverage will start July 1 of that year.”

How much does it cost?

If you signed up for Part B when you became eligible, then you’ll likely pay a $104.90 premium each month, according to Medicare.gov. Though, this premium can change based on your income, and recent reports indicate it will cost more for a few select groups in the future.

There are some people who automatically get Part B. If you receive Social Security benefits, Railroad Retirement Board (RBB) benefits, are under 65 years old with a disability, have ALS, or live in Puerto Rico and receive Social Security or RBB benefits, then you are eligible for automatic enrollment.

With these benefits, it’s possible that you still don’t feel like you’re getting the coverage that you need. In that case, you can get supplemental Medicare insurance plans.

For more information on Medicare, check out Transamerica Center for Health Studies^®‘s handy guide.

About Transamerica Center for Health Studies^®.
The Transamerica Center for Health Studies^® (TCHS) is a division of the Transamerica Institute^®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

Medicare 101: What is Medicare Part A?

Medicare 101: What is Medicare Part A?

TransAmerica Page: Medicare 101: What is Medicare Part A?

Medicare can be confusing, but don’t worry. You aren’t the only one feeling that way. Although there are many benefits to Medicare, with its different components and enrollment periods, it can get a little confusing. In this three-part series, we’ll break down Parts A, B, C and D of Medicare down to their essentials. Here are simple answers to the most-asked questions about Part A:

What does Medicare Part A cover?

Medicare Part A combined with Part B, make up what is known as Original Medicare. Part A covers emergency care, hospital stays, some nursing home care, and other long-term visits such as home health services and hospice care.

Who qualifies?

• Seniors (age 65 and above) who are U.S. citizens and permanent residents.
• Individuals with qualified disabilities (age 64 and below).

When should I enroll?

You can enroll during your Initial Enrollment Period (IEP), which usually lasts 7 months:

• Three months before your 65th birthday or 25th disability check.
• Month of your 65th birthday or 25th disability check.
• Three months after your 65th birthday or 25th disability check.

If you miss your Initial Enrollment Period, you can sign up during the General Enrollment Period, which is from January 1 to March 31. If you sign up during this time, your coverage will start July 1. Please note that if you enroll during the General Enrollment Period you may have to pay a higher premium for late enrollment.

Fall Open Enrollment occurs every year between October 15th and December 7th and allows those who already have Medicare to change their coverage. We recommend you review your coverage every year, as this is the one time when all people with Medicare can make changes to their plans for the next year.

How much does it cost?

Part A plans are provided to you at no cost if you or your spouse have worked and paid taxes for at least 40 quarters (or 10 years).

If this isn’t the case, you will pay a monthly premium of up to $407. The exact amount you’ll pay is determined by different factors such as your income and assets.

If you’re concerned about the costs involved that aren’t covered by Medicare, Medicare Supplement Insurance can help cover expenses that you’ll have to pay out of pocket.

For more info, check out Medicare.gov and this chart published by the Transamerica Center for Health Studies®.

The Transamerica Center for Health Studies® (TCHS) is a division of the Transamerica Institute®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

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Cancer Statistics & How We Can Help

What Is Cancer?

Cancer is the general name for a group of more than 100 diseases. Although there are many kinds of cancer, all cancers start because abnormal cells grow out of control. Untreated cancers can cause serious illness and death.

Lifetime Risk of Developing or Dying From Cancer:

The lifetime risk of developing or dying from cancer refers to the chance a person has, over the course of his or her lifetime (from birth to death), of being diagnosed with or dying from cancer.

These numbers are average risks for the overall US population. Your risk may be higher or lower than these numbers, depending on your particular risk factors.

Males

	Risk of developing		Risk of dying from
	%	1 in	%	1 in
All invasive sites	43.31	2	22.83	4

Females

	Risk of developing			Risk of dying from
	%	1 in	%		1 in
All invasive sites	37.81	3	19.26		5

Economic Impact of Cancer

The financial costs of cancer are high for both the person with cancer and for society as a whole.

The Agency for Healthcare research and Quality (AHRQ) estimates that the direct medical costs (total of all health care costs) for cancer in the US in 2011 were $88.7 billion.

·         50% of this cost is for hospital outpatient or doctor office visits

·         35% of this cost is for inpatient hospital stays

·         11% of this cost is for prescription drugs

*PLEASE NOTE: These estimates are based on a set of large-scale surveys of individuals and their medical providers called the Medical Expenditure Panel Survey (MEPS). Estimates were accessed directly from the MEPS website, www.meps.ahrq.gov/mepsweb/.

One of the major costs of cancer is cancer treatment. But lack of health insurance and other barriers to health care prevent many Americans from getting optimal health care.

·         According to the US Census Bureau, about 48 million people (15.4%) in the US were uninsured in 2012.

·         About 10% of children in the United States had no health insurance coverage in 2012.

And according to Cancer Facts & Figures 2015, “Uninsured patients and those from ethnic minorities are substantially more likely to be diagnosed with cancer at a later stage, when treatment can be more extensive, more costly, and less successful.”

This year, about 589,430 US residents are expected to die of cancer – that’s more than 1,600 people a day. Cancer is the second most common cause of death in the US, exceeded only by heart disease. Cancer accounts for nearly 1 out of every 4 deaths in the United States.

Cancer costs us billions of dollars. It also costs us the people we love. Reducing barriers to cancer care is critical in the fight to eliminate suffering and death due to cancer.

References

American Cancer Society. Cancer Facts & Figures 2015. Atlanta, Ga. 2015.

Last Medical Review: 04/15/2015
Last Revised: 04/15/2015

How can we help? || SBS Client Testimonies: 

1. "I am 70 years old and on Medicare.  I also have a good Medicare supplement. When I was diagnosed with Cervical cancer 3 years ago. I knew the medical bills would be covered.  However, the treatment, (Chemo therapy and radiation for 8 weeks) was at a cancer center 180 miles from home.  That’s when I found out how valuable my cancer insurance proved to be. The motel bill for two months, the travel expenses, eating out,  even someone to take care of the house while we were gone were all taken care of  with the funds we received from the cancer insurance policy. Our daughter took time off work to be with me and we were able to cover her expenses too.  We had the peace of mind that all the unexpected expenses were covered. It was a stressful time but the cancer insurance sure eased the financial burden."    

- Virginia  (Missouri)

2. "I have carried Medicare Supplement Insurance with SBS for 8 years.  When my agent spoke to my husband and I about the value of a cancer policy, and we saw how inexpensive the coverage was, we decided to move forward with the plans even though we knew our supplements would cover the majority of the medical bills. Less than 3 years after purchasing the policy I was diagnosed with breast cancer.  Within 2 months of filing the claim after my diagnosis, I had a check in my hands from GTL Insurance Company for $5,000.  That money was such a blessing at a time that was both financially and emotionally difficult!"

     - Lula Bell U. (Missouri)

     3. "I purchased my GTL cancer plan in November of 2010.  By September of 2011 I had been diagnosed with internal cancer.  I was so relieved when I received my $5,000 check from my cancer plan, after having the policy for less than a year!  We were under such serious financial strain at the time, with our home recently being condemned because of black mold, we didn't know what we were going to do.  We were able to use that money for the deposit and rent on a new apartment.  I can't thank our agent enough for stressing the importance of carrying cancer insurance."

     -Georgia S. (Missouri)