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5 Important Medicare Facts for Pre-Retirees

October 04, 2022

1-Minute Video:

Most Americans who turn 65 are eligible for Medicare, a federal program that covers many health expenses for seniors. But the program is complicated. Here are 5 important facts you need to know:

First – #Medicare is not free. Of the 4 parts, Part A – Hospital Insurance – is the only one that normally has no premium. Parts B, C and D have premiums that vary. Second – Enrollment is not automatic – you have to sign up for Medicare benefits. The exception is for those already receiving Social Security benefits. If you’re already receiving #SocialSecuritybenefits, you will automatically receive Medicare Parts A and B.

Third – Late enrollment can mean expensive, and permanent, premium penalties. You have 7 months, starting 3 months before your 65th birthday month, to sign up penalty-free. Fourth – Medicare covers a lot, but not everything. Services like long-term care, dental and vision care are not covered. People often purchase additional private coverage for these types of services. And fifth, if you’re rich you’ll pay more. High-income seniors pay surcharges on premiums for both Parts B and D.

Let us help you with your important Medicare decisions – give us a call or visit or website today!

Martin Nielsen

Nielsen Financial Group

Financial Advisor in Hillsborough NJ

Retirement Planning, Hillsborough New Jersey