The United States government offers Medicare health insurance to seniors aged 65 and older, as well as qualifying citizens under 65 who have permanent kidney failure or disabilities.
Medical coverage for expenses related to Hospital (In-Patient) care, lab work, surgery, skilled nursing care, and hospice. There is no charge for Medicare Part A coverage if you have worked for at least 10 years (40 quarters). If less than 10 years, the monthly premium varies based on whether you have worked less than or more than 7.5 years.
Medical coverage for doctors, health providers, out-patient treatments, durable medical equipment, and some home medical care costs. There are monthly premiums required for Medicare Part B coverage. If you activate Part B at age 65, the monthly premium is deducted from your monthly Social Security retirement check.
Individuals who continue to work past age 65, and wait to receive their Social Security benefits until age 67, will be billed on a quarterly basis for their Medicare Part B premiums once they activate Medicare Part B.
However, individuals over 65 who decide to stay with their employer's health insurance have creditable coverage under that insurance. Those individuals are NOT required to activate Medicare Part B or pay Part B premiums while covered by their employer.
It is IMPORTANT to enroll in Part B within the specified date range around the month you turn 65, or when you lose creditable coverage from your employer. Penalties are added to the cost of coverage (for life) for each month you are late enrolling.
NOTE: Penalties will apply if you do not have proof of creditable coverage of Medicare Part B and you elect to activate Part B later.
Medicare insurance is complex to fully understand. We recommend that you visit www.medicare.gov to learn more about the services and costs for Original Medicare.
If you're wondering is there a Medicare agent near me, Kathy Olivier at Key Options is a Medicare agent and she looks forward to the opportunity to assist you in protecting your dreams and minimizing financial risk using Medicare health insurance and other plans that are right for you.
Click the "Contact Us" link below and let's find out what we can do for you.