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Medicare Program and Its Benefit to the American People

Medicare tax is a federal tax which is automatically deducted to every employee by their employer. 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. However, it remained true to its foundation which is to provide health insurance for the elderly 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. Also you need to understand that once you enroll, there are monthly premiums you will be paying. Another thing is that there is a penalty when you enroll late than it is scheduled hence the need to be time conscious.

When you turn 65 years of age or you have certain disabilities, there is the need to know that you qualify for the medical coverage or what is known as Medicare Part B. 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. When you are enrolling for the first time, there is usually a seven month period given to do so. 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. Failure to enroll in that timeframe usually attracts a penalty.

After you have enrolled, there is a Medicare open enrollment that usually begins on a specific day of October and ends on a given day in December. In this time, one gets a chance to choose the Medicare plan that they like. You can decide whether you want a separate Part A, B and D plan which includes drug medication coverage or and an all-inclusive Medicare Advantage Plan.

It is important to know that you can qualify for Medicare and Medicaid altogether at the same time. There is a lot of Americans who have taken advantage of this special circumstance that is known as the dual enrollment. The other thing that you need to understand is that you can retire, get the Medicare coverage and still work so long as you make up to a given income.

There is the need to work closely with an informed person to help you understand Medicare plans before choosing one.

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