Enrolling in Medicare
Step 2 for Enrolling in Medicare continued...
Everyone pays a monthly fee for Medicare Part B insurance, which is usually taken out of your Social Security payment. Most people will pay the standard premium amount, which in 2015 is $104.90.You may choose not to participate in Medicare Part B insurance, which covers doctor visits and other outpatient medical services.
Your Part B premium may be higher if you didn't sign up for Part B when you first became eligible.
Also, if your modified adjusted gross income -- as reported on your IRS tax return from two years ago -- is above $85,000 for single filers or $170,000 for joint filers, you will pay from $42.00 to $230.80 more per month. The maximum premium is $335.70.
If you are still working and you are covered under your union or employer's health insurance -- or if you are covered under your spouse's employee health insurance -- Medicare Part B may not be necessary until you lose that coverage.
If you were enrolled in Medicare automatically and do not want Part B:
- A form that comes in the mail with your Medicare card allows you to opt out of Part B.
- Indicate that you do not want Part B coverage on the form.
If you are enrolling yourself in Medicare:
- Indicate that you do not want Part B when you enroll by phone, by Internet, or in person.
If you opt out of Part B when you are enrolled, you may pay higher premiums if you decide you want it later. The premium goes up 10% every year that you could have had Part B.
There are some exceptions. You will not pay more for signing up later:
- If you are covered by another group health plan when you turn 65
- If you sign up for Part B within eight months of losing group health coverage
If you decline Part B at first, and do not sign up within eight months after your other health coverage ends, you can only sign up during Medicare's General Enrollment Period: January 1 to March 31 of each year, and your coverage will begin July 1 of that year.