Medicare is tax-funded
Medicare is a tax-funded service. The taxes you pay now go toward Medicare – and if you’re a U.S. citizen who has worked in the U.S. for at least 10 years, then you qualify for the premium-free version of Medicare Part A. That’s because the taxes you were paying in that time covered your Part A premium costs.
Medicare has different enrollment options
Medicare Part A is the bare minimum in terms of what you have to have. The others are optional. Part A will help cover your hospital costs. Part B will help you with outpatient services such as doctor visits. Part C is a combination of A, B, and D. Part D helps with your prescription drug coverage.
If you don’t join when you’re first eligible, late fees will apply.
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What you can do with those options
What you can do with your Medicare plan depends on what you’re enrolled in. You have to be enrolled in Part B if you want to get supplemental coverage or if you want to join Medicare Advantage. Medicare Advantage enables you to get treatment coverage that the other Medicare Parts won’t. You may not need Part D, as you may already have prescription drug coverage elsewhere.
What if I already have health insurance?
Even if you already have health insurance, it is still a good idea to join Medicare as soon as you’re eligible. Once past the Initial Enrollment Period (spans from three months before your 65th birthday to three months after your 65th birthday), you are subject to late fees when you enroll at any time past this point. Plus, this way, you can potentially make a drastic reduction in your out-of-pocket expenses.
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