Medicare Part B (Medical Insurance) is part of Original Medicare and covers medical services and supplies. Medicare has a pre-determined fee payment schedule for each service or procedure and when a physician charges you more than what Medicare assigned then it is called excess charge. This is due to your physician accepting Medicare but not the “assignment”.
Does the cost outweigh the risk? Sometimes even healthy people have health issues just lying below the surface, just waiting to rear their ugly heads. It is necessary to ensure that you are able to get the medical care you need when you need it. The cost of health services has been rising drastically in the recent years and more and more people are discovering that the out-of-pocket expenses for such services are too high that even their financial savings are alarmingly being depleted.
Assignment means that your care provider, physician, or supplier agreed and thus is required by law to charge you the pre-determined payment fee assigned allowed by Medicare. Those who don’t participate can charge you up to about 15% more than what Medicare assigned depending on their discretion. If you regularly visit a non-participating provider then you would face excess charges every time you do and that expenses would likely accumulate in time.
The amount you pay for this excess charge would likely come out of your own pockets unless you have a Medicare Supplement (Medigap) Plan that has coverage for Part B excess charges.
Choosing a participating provider has advantages other than having no excess charges for Medicare Part B. At the time of service the participating provider will only charge you the Medicare deductible and coinsurance and usually would do this only after Medicare itself has paid their share. Another would be that they would submit your claim to Medicare themselves at no charge for your reimbursement.
To know more about Medicare Part B excess charges and Medicare Supplement (Medigap) Insurance Policies that can help you in lessening your expenses feel free to call (855) 230-0801.