Who Can Enroll?
You’re entitled to Medicare if you’re at least 65 and a U.S. citizen, or a permanent legal resident for the past five years. Medicare also covers some disabled people under age 65. People who receive Social Security disability insurance usually become eligible after a two-year waiting period, although those with end-stage renal disease (permanent kidney failure) are enrolled automatically upon signing up and those with amyotrophic lateral sclerosis (ALS, also known as Lou Gehrig’s disease) are eligible the month disability begins.
Medicare, is a government-sponsored health insurance program for people 65 and over (and those with certain disabilities). Knowing the basics of how Medicare works can help you understand some of the expenses you’ll face. As you approach age 65, you’ll need to decide how to deal with some of those coverage gaps. For now, knowing the basics of how Medicare works can help you understand some of the expenses you’ll face.
Medicare Part A
Most people don’t have to pay a premium for Part A. You’ve already paid into the system in the form of the Medicare tax deductions on your paycheck.
However, Part A isn’t totally free.
Medicare charges a hefty deductible each time you are admitted to the hospital. It changes every year, but for 2021 the deductible is $1,484.
It pays for virtually all hospital services for the first 60 days you’re in the hospital. There are some exceptions — it won’t pay for a private room, for example.
If you are a U.S. citizen or permanent resident and have not worked long enough to qualify for Medicare, you may able to buy into the program by paying a Part A premium.
Medicare Part B
Part B involves more costs, and you may want to defer signing up for it if you are still working and have insurance through your job or are covered by your spouse’s health plan. But if you don’t have other insurance and don’t sign up for Part B when you first enroll in Medicare, you’ll likely have to pay a higher monthly premium for as long as you’re in the program.
The federal government sets the Part B monthly premium, which is $148.50 for 2021. It may be higher if your income is more than $88,000.
You’ll also be subject to an annual deductible, set at $203 for 2021. And you’ll have to pay 20 percent of the bills for doctor visits and other outpatient services. If you are collecting Social Security, the monthly premium will be deducted from your monthly benefit.
How to Enroll!
Choosing the Right Medicare Plan!
You want coverage that fits the way you live and helps you achieve your health goals. With the right guidance, choosing your Medicare plan can be easy. Let us help you find the coverage that meets your total health needs.