Today’s changing health care landscape makes understanding Medicare even more important. Whether you have questions for yourself or a loved one, the following answers may help.
What does Medicare cover?
Medicare is a federal health insurance program for people aged 65 years and older as well as those younger than 65 with specific disabilities or medical conditions. The insurance has four coverage types, which range from inpatient hospital care to prescription drugs. However, Medicare doesn’t cover all medical expenses or extended care, so you may need to consider additional insurance.
How much are the premiums?
For most people, Part A coverage doesn’t have a monthly premium, as long as you worked and paid Medicare taxes. Part B monthly premiums start at $135.50 and go up based on your income. Premiums for Parts C and D vary by plan.
When do I enroll?
Once you receive Social Security benefits or railroad retirement checks, the Social Security Administration (SSA) sends you enrollment details a few months before your Medicare eligibility begins. From there, the SSA typically enrolls you automatically in both Parts A and B. If you’re not getting Social Security or railroad retirement benefits, contact the SSA three months before you turn 65.
What if I still have employer coverage?
If at age 65 you have insurance through work, then you don’t have to sign up for Medicare as long as your organization has 20 or more employees. If you choose to delay, you can enroll in Medicare, penalty free, once you retire, or otherwise, lose your insurance.
We Can Help
Medicare can be daunting, and we’re here to help remove the complexity. If you have questions about health care and your finances, please contact our office at 941-366-3551.
Phil Couture, CFP® President, Couture Financial, Inc.And Suncoast Adult Financial Education National Social Security Advisor Certificate HolderNSSA® is the only ACCREDITED Social Security Certificate program in the nation!!! Accreditation provided by the Institute for Credentialing Excellence
Footnotes, disclosures, and sources:
These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative, Broker dealer or Investment Advisor, and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
We have not independently verified the information available through the following links. The links are provided to you as a matter of interest. We make no claims as to their accuracy or reliability.
Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance