Medicare Part B
Part B is supplementary medical insurance that covers professional fees (such as office visits to a doctor) and related expenses. Unlike Part A, you must pay monthly premiums toward membership in Part B. The monthly premium is automatically deducted from your Social Security check. By enrolling when you are first eligible, you can minimize your Part B premium. If you enroll late or if you drop out and enroll again at a later date, your Part B premium increases 10% for every 12 months you do not participate. The Company reimburses the standard monthly Part B premiums for any under age-65 covered dependents of employees on LTD, as long as the dependents are enrolled in Medicare Parts A and B.
The Company-sponsored medical plans require that you enroll in Medicare, if eligible, and maintain your Part B premiums. If you do not, the only PG&E-sponsored plan that you will be eligible to enroll in is the Comprehensive Access Plan (CAP); however, the benefits you receive from the CAP Plan will be greatly reduced if you have not enrolled in Medicare. Since you will be reimbursed by PG&E for any Part B premiums you pay, it makes great financial sense for you to join Medicare when you are first eligible.