It seems like every state that has been hard hit by recent cuts in government healthcare spending, and Colorado is no exception. But fortunately, Medicare eligibility is based on nationwide age requirements and is not dependent upon state budgets. Despite the recent launch of a government sponsored Medicare website, consumers are still confused about Medicare eligibility rules. The age requirements are actually the easiest part to understand.

 

When is the best time to apply for Medicare?

The Medicare eligibility age requirements say that you should file for Medicare three months before your 65^thbirthday. Disabled seniors who are under the age of 65 must wait 24 months for their coverage to start. Social Security recipients and their spouses are automatically Medicare-eligible. There are some exceptions made for people who are under the age of 65 and have end-stage kidney disease.

Beyond the age requirements, Medicare eligibility is also determined by “qualified Medicare employment”. This means that in order to receive Medicare, the applicant must have worked at a job where certain taxes were withheld from their paycheck. According to the Federal Insurance Contributions Act (FICA), a total of 40 credits toward FICA taxes must be earned in order to qualify for Medicare and Social Security. For self-employed workers, they must have paid into FICA and earned the same number of credits during the course of their working career.

 

 

How do I know how much I've paid into FICA?

One way to tell if you are getting proper credit for your Social Security is by looking at your annual Social Security statement. This document is mailed out every year to people who have contributed to FICA, and it includes Social Security wage reporting for the past several years, including the most recent one. In addition to showing how much Social Security can be expected at retirement age, the report also shows the number of credits earned toward Medicare.

As with any government funded program, the age requirements for Medicare eligibilityare somewhat confusing; but generally a person is covered at age 65 for Medicare Parts A, B and D. Most seniors opt for additional, or “supplemental Medigap” coverage to augment the medical benefits offered by Medicare. Another popular choice for Medicare recipients is the Medicare Advantage plan, which repackages Medicare and certain supplements into one manageable health plan.

For specific information about Medicare eligibility, age requirements and supplemental benefits, an Colorado health insurance broker can help.

 

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