Overview of Medicare and Who Are Eligible to Medicare?
Medicare is a federal-funded health insurance program for older people and some with disabilities in the United States. There are many options and plans to choose from. They basically cover medical and hospital care for eligible individuals. The funding mainly comes from two sources: the Self-Employment Contributions Act and payroll taxes following the Federal Insurance Contributions Act. In most cases, this tax is shared equally between the employer and employee. Other sources of funding for Medicare may include copayments, coinsurance, deductibles, and premiums. [1]
To be eligible for Medicare, you need to meet one of the following conditions:
– Over 65 years old
– Under 65 years old and have a disability
– Any age with permanent kidney failure that needs a kidney transplant or dialysis, or end stage renal disease
In addition, you need to be:
– A citizen of the United States or a permanent legal resident for 5 continuous years
– Have at least 10 years of contributing payment for Social Security benefits [2]