Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare starts when you apply for it. For most individuals, this is the first day of the month you turn age 65. If you apply late, you may get a delayed effective date for your Medicare coverage.
Medicare Part A (your hospital insurance) is premium-free for most individuals (you must have worked 40 quarters/10 years and paid FICA taxes over that timeframe). Medicare Part B (your physician insurance) requires a monthly premium ($104.90 in 2014 for most individuals - for those with higher incomes, you may be subject to the high-income penalty).
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Medicare Part A (your hospital insurance) is premium-free for most individuals (you must have worked 40 quarters/10 years and paid FICA taxes over that timeframe). Medicare Part B (your physician insurance) requires a monthly premium ($104.90 in 2014 for most individuals - for those with higher incomes, you may be subject to the high-income penalty).