Every American employee have the Medicare tax deducted by their employer as required by the law. However, there are people who have no idea of how this Medicare tax is of importance. One thing that you need to understand however is that this form of tax helps to offer health coverage for the aged since it becomes effective in 1965. Though there has been a lot of evolution as far as Medicare coverage it’s concerned, it has remained true to its foundation which is to provide insurance to the old and those with certain disabilities.
To understand better, this is a program that aims to provide health insurance for the aged in the united states once they retire or a declared unfit to continue working. However, this does not mean that you will have to wait and expect that automatically you will be assumed to the program when you have retired as enrollment is needed. It does not stop at that as you will be required to ensure that you remit monthly premiums so as to enjoy the benefits. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.
By hitting sixty-five, the first qualification is the part B medical coverage. It is important to know that the Medicare Part A is different from Part Band has its own coverage and premiums although the qualifications are similar. The enrollment to the program usually takes a period of 7 good months. With the first part, you need to start enrolling 3 months before you are sixty-five and the next three when you have already retired. Failing to enroll for Part B during this time makes you a subject to late enrollment penalty the time you enroll.
After the initial enrollment, usually, there is the annual Medicare Enrollment that begins in October and ends in December on specific dates. In this time, one gets a chance to choose the Medicare plan that they like. During this period, you will learn of all the available options that you can add on to part B as the page suggests.
It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. This special situation is referred to as dual enrollment and there are millions of who are eligible for these two benefits. Also, you need to understand that you can get Medicare and continue to work as long as you meet a certain income.
If you happen to qualify for Medicare coverage, it is important to speak to a qualified representative to help you get a better understanding of the plan that suits you.