Information provided by the Social Security Administration (SSA), refers to Part B benefits as part of Medicare, the federal health insurance program for senior citizens age 65 or older and the permanently disabled. The Medicare program has four distinct parts--A, B, C, and D. Part B is medical insurance, the portion of the program that provides assistance with ordinary medical bills not covered under Part A (hospitalization insurance).
Social Security Eligibility
The SSA states that most workers need 40 credits to qualify for Social Security benefits. Credits can be earned at a maximum of four per year. (The 2010 rate was one credit for each $1,120 earned.) When a worker is eligible to receive their full Social Security benefits, depends on retirement age. For those born prior to 1943, full benefits are readily available now. For those born between 1943 and 1954, full retirement age is 66. For those born in 1955, full retirement age is 66 years and two months, if you were born in 1956, 66 and four months, in 1957, 66 and six months, in 1958, 66 years and eight months, and in 1959, 66 years and 10 months. For all those born in 1960 or later, the full retirement age is 67 years old.
Social Security and Medicare
Americans who meet eligibility requirements to receive Social Security benefits, are automatically eligible for Part A of Medicare and may enroll in Part B. Hospital insurance, as outlined in Part A is free. Part B may require paying a monthly premium. The SSA advises those nearing retirement age to apply for Medicare three months prior to their 65th birthday, regardless of retirement age. According to SSA, failure to apply early may result in higher costs for Part B benefits (Medicare medical insurance).
Part B Costs
According to SSA data, the federal government subsidizes approximately 75 percent of the premiums for the majority of enrollees in Medicare Part B. Although premiums were set to increase in 2011 for eligible enrollees with incomes below $85,000 for single individuals and $170,000 for married couples, Social Security provided no cost-of-living raise for 2011. Therefore, monthly premiums for Part B benefits remained at 2010 levels ($110.50). Those with higher incomes pay more. For the small percentage of the population, age 65 or older, who do not qualify for Social Security benefits, the medical insurance as provided in Part B can be purchased. Those with lower incomes can seek help from state programs to further subsidize the cost.
Part B Coverage
Part B coverage includes assistance with the cost of physicians' fees, including ordinary visits to the family doctor. Many outpatient services are covered, including physical therapy, occupational therapy and supplies such as insulin and diabetic supplies. Help with the cost of some home health care and other medical services including cardiac rehabilitation, and emergency ambulance services, as well as a growing number of preventive services, are Part B benefits.
Tags: Social Security, Part benefits, Social Security benefits, those born, full retirement, medical insurance, assistance with
