Medicare

If you have just turned 65, then you might be eligible to enroll in Medicare. Medicare is a health insurance program offered by the federal government to retirees and others who qualify.

There are many options for health coverage with Medicare. It’s good to understand a little bit about these options, as they may be confusing, or at least at first.

To help you get started, here are some basic questions that you probably have about Medicare – and what different things can entail.

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If you are at least 65 and aren’t covered by an employer health insurance plan, then you will probably need to enroll in Medicare.

Every year, there are copays, deductibles, and premiums to be paid. These numbers typically adjust from year to year, so you don’t have to be caught unprepared when they change this year in 2023.

Once again, Social Security recipients have been given a large COLA (cost of living adjustment) for their benefits, which can play into these updates here. Here are the critical numbers that are important to know regarding Medicare benefits in 2023.

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If you are 65 years old or older, then you are eligible to enroll in Medicare. Medicare is the federally subsidized healthcare program for senior citizens. It’s run by the Centers for Medicare and Medicaid Services (CMS).

Funding for this program comes from three separate sources. One is the taxes you pay for Social Security and Medicare. Another is the premiums that you pay for your Medicare coverage. The third part of the funding comes directly from the federal government.

Here’s a quick rundown of the basics of Medicare. Call it “Medicare 101” — the essentials of what you need to know about this federal program for your retirement or other financial circumstances.

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