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Frequently Asked Questions
Palms of Gold Help Center
When should I get Medicare?
Medicare is a federal program for those who are turning age 65 and maybe retiring or forgoing a group plan (employer insurance). You can also qualify for Medicare prior to the age of 65, if you have been deemed disabled by social security for a period of 24 consecutive months.
Why do I need to buy insurance?
Simple answer is that insurance has always been a necessity, it is there to protect you from exorbitant expenses from things like medical issues, accident, and death just to name a few.
Do I have to wait till my 65th birthday to sign up for Medicare?
No, the initial enrollment period for Medicare is 3 months before the month of your birthday, the month of your birthday, and 3 months after the month of your birthday, giving you a 7 month window.
What is Part A of Medicare?
You usually don't pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if you or your spouse paid Medicare taxes for a certain amount of time while working. This is sometimes called "premium-free Part A."
Most people get premium-free Part A.
You can get premium-free Part A at 65 if:
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You already get retirement benefits from Social Security or the Railroad Retirement Board.
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You're eligible to get Social Security or Railroad benefits but haven't filed for them yet.
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You or your spouse had Medicare-covered government employment.
If you're under 65, you can get premium-free Part A if:
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You got Social Security or Railroad Retirement Board disability benefits for 24 months.
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You have End-Stage Renal Disease (Esrd) and meet certain requirements.
What will Medicare Part A Premium cost me if I don't qualify?
If you don't qualify for premium-free Part A, you can buy Part A.
People who buy Part A will pay a premium of either $274 or $499 each month in 2022 depending on how long they or their spouse worked and paid Medicare taxes. If you choose NOT to buy Part A, you can still buy Part B.
In most cases, if you choose to buy Part A, you must also:
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Have Medicare Part B (Medical Insurance)
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Pay monthly premiums for both Part A and Part B
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Contact Social Security for more information about the Part A premium.
What is a Part A late enrollment penalty?
Some people have to buy Part A because they don't qualify for premium-free Part A. If you have to buy Part A, and you don't buy it when you're first eligible for Medicare, your monthly premium may go up 10%. You'll have to pay the higher premium for twice the number of years you didn't sign up.
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Example:
If you were eligible for Part A for 2 years but didn't sign up, you'll have to pay the higher premium for 4 years. Usually, you don't have to pay a penalty if you meet certain conditions that allow you to sign up for Part A during a special enrollment period.
What is Medicare Part B?
Medicare Part B is Medical Insurance.
Some people automatically get Medicare Part B (Medical Insurance), and some people need to sign up for Part B.
What will Medicare Part B Premium cost me?
Part B premiums
You pay a premium each month for Part B. Your Part B premium will be automatically deducted from your benefit payment if you get benefits from one of these:
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Social Security
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Railroad Retirement Board
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Office of Personnel Management
If you don’t get these benefit payments, you’ll get a bill.
Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS.
****The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount.*****
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What is a Part B late enrollment penalty?
If you didn't get Part B when you're first eligible, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage.
Usually, you don't pay a late enrollment penalty if you meet certain conditions that allow you to sign up for Part B during a Special Enrollment Period.
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Example:
Your Initial Enrollment Period ended December 2019. You waited to sign up for Part B until March 2022 during the General Enrollment Period. Your coverage starts July 1, 2022. Your Part B premium penalty is 20% of the standard premium, and you’ll have to pay this penalty for as long as you have Part B. (Even though you weren't covered a total of 27 months, this included only 2 full 12-month periods.)