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This video is all about tracking the Part B deductible so you don’t accidentally overpay it. This is especially important if you have Medicare Supplement plan G or Medicare Supplement plan N because you will receive bills from medical providers and you want to make sure you pay only the amount you’re responsible for. Once you overpay, then you have to try and get your money back from the provider. This can lead to stress and time wasted. I’ll show you some great ways you can track the Part B deductible.
The Part B Deductible is actually the medical deductible, so doctor visits, lab work, durable medical equipment are some of the type of claims that are applied towards the Part B deductible.
There are several easy techniques for tracking the Part B deductible. And, it's always a great idea to cross reference using the ideas in this video.
This will help if you get a bill from the provider that includes more than what you think you should pay. Medicare providers will sometimes send a bill and include the Part B coinsurance, so it's important to know what you've already paid.
This video includes a Client Case Study that shows exactly how you can accidentally be overcharged after meeting the Part B deductible.
And as a side note, if you have Medigap Plan N, you'll want to keep your co-pay and deductible information separate.
Overall, keeping track of the Medicare Part B deductible is very easy. It's also time well spent on the front end to avoid overpaying later on. This is especially important if you have Medigap Plan G or Medigap Plan N insurance.
If you have any other tips for keeping track of your Part B deductible, please share them. Thanks for watching!
For anyone who is tech savvy, using an app on your phone like Evernote, OneNote or Google Keep can be helpful. Record the payment information on the bill and snap a picture of the bill. Then send it to your app. It is saved there as well as your paper copy. I use that for all sorts of receipts and records.
I love the idea of recording payment info on the bill and then capturing it by photo on your phone. The cloud apps are great for keeping your information in one place. Thanks for your input!
Hi, Thanks again for all the useful info. I use Quicken to track all my financial data. All you need to do is create a Category called “Part B Deductible” and use it when entering payments. Then you can run a report by date range and Category to get the info you need.
What a great way to keep track of the payments you make towards the Part B Deductible. Thanks for sharing!
OK, I am tracking my deductible and know its paid. How do you handle situations where you have visits to multiple providers very close in time and you know you paid the deductive at the first provider but Medicare is slow to update their system so the second and third provider each demand that you pay the deductible?
That’s a great question. My suggestion is to always ask the provider to submit the claim to Medicare and let it move through the system. They will get paid according to the outline of benefits for your Medigap plan if you’ve met the deductible. However, I know some doctors can be persistent and won’t see you if you don’t pay upfront. In fact, the situation you describe just happened to one of my clients. They demanded $100 for the visit…he paid it…then had to go back and get his money back because Medicare showed he owed the deductible to a different provider. So, again, just try to convince the doctor to send the claim to Medicare so you don’t accidentally overpay.
is the deductible a calender year or the plan year ?
Hi Thomas…the Part B deductible is per calendar year. Thanks for the great question.
Question do agents get commission on enrolling seniors 65 into Medicare Policy A&B if they haven’t already done so?
Or only on the Medigap policies through a private insurer? Btw, You’re beautiful, very informative and I love your videos! #willyoumarryme
Hi…insurance brokers (agents) receive commission from Medigap insurance companies. But, Social Security does not provide a commission for Medicare Part A and Part B enrollment. Thanks for the kind words!
Great, thanks! Also, one last question… what is the most cost effective way of acquiring quality leads?