Is Medicare Free at Age 65?
In the United States, Medicare is the nation’s health insurance program intended for people age 65 or older. But some people may qualify for Medicare before they reach the age of 65, including those who have disabilities, and those who are suffering from permanent kidney failure. The program helps you cover the costs of healthcare but doesn’t cover all healthcare expenses and the cost of long-term care.
With Medicare, you have several options in Georgia that determine how you get Medicare coverage. When you decide to have Original Medicare (Part A and Part B) coverage, you can also choose to buy a Medicare Supplement Insurance, such as Medigap, from a private insurer in Georgia.
Medicare Options
Medicare Part A – covers the cost of inpatient care in a hospital and a skilled nursing facility (following hospitalization) for a limited time.
Medicare Part B – pays for the services of doctors and other health care providers, outpatient care, home healthcare, durable medical equipment, and some preventative services.
Medicare Advantage Plan (Part C) – includes all the benefits and services of Part A and Part B, prescription drugs, and additional benefits, such as vision, hearing, and dental in one package.
Medicare Part D – includes the coverage of the cost of prescription drugs.
Medigap (Medicare Supplemental Policies) – help pay Medicare out-of-pocket copayments, coinsurance, and deductible expenses. It is offered by private insurance companies.
Is Medicare free for the elderly?
Most people who are 65 or older are usually eligible for free Medicare hospital insurance (Part A), given that they have worked and paid Medicare taxes long enough. You can enroll for Medicare Part B by paying a monthly premium. Some beneficiaries with higher incomes might need to pay a higher monthly premium.
Medicare Premium Rules for Higher-Income Beneficiaries
If you are a high-income earner, the law requires an adjustment to your monthly Medicare Part B and Medicare Part D premiums. However, this law affects less than 5 percent of people with Medicare.
Generally, for most beneficiaries, the government pays about 75 percent of the Part B premium and the rest is paid by the beneficiary. But, for a high-income beneficiary, you might pay monthly Part B premiums equal to 35, 50, 65, 80, or 85 percent of the total cost, depending on the salary you report to the IRS.
When should I apply for Medicare Part B?
If you become an eligible individual at 65, your initial enrollment period for Medicare Part B begins three months before your 65th birthday, includes the month you turn the age of 65, and ends three months after your 65th birthday.
In case you decide to sign up for Part B later, you must remember that you may have to pay a higher monthly premium for as long as you have Part B. The monthly premium might go up 10 percent for each 12-month period you were eligible for Part B but didn’t sign up for it unless you qualify for the Special Enrollment Period.
To ensure that you choose one of the best senior medical plans in Georgia, it is highly recommended to get professional assistance so that your health insurance plan covers your medical needs as much as possible.