
Amazon Prime Day: Everything you need to know
Bankrate’s guide to scoring the best deals on every item you’re looking for Amazon Prime Day 2022.
Medicare is a very important health coverage term. Bankrate explains it.
Medicare is a federal health insurance program for older Americans. The program is funded through taxes on workers’ personal income. Understanding what Medicare provides, and what contributions you make, helps you to plan your personal finances and health coverage.
Medicare is administered by the Centers for Medicare & Medicaid Services. Most U.S. citizens age 65 and older are eligible for coverage under the program. Some younger people with disabilities or certain medical conditions also are eligible.
Payroll taxes help pay for Medicare. Every employee who earns wages and tips is responsible for paying 1.45 percent of the tax, and the employer matches that amount for a total tax amount of 2.9 percent. High earners must pay an additional 0.9 percent when their wages exceed defined income thresholds. Anyone drawing an income from investments pays another 3.8 percent tax on their net investment income, or the amount their modified adjusted gross income exceeds their threshold amount, whichever is less.
When you first become eligible for Medicare, there is a seven-month enrollment period for signing up for Part A and Part B. This period normally includes the month you turn 65 years old, and the three months before and after that month. If you want only the free Part A coverage, it’s possible to sign up at any point after the enrollment period starts. But if you want Part B and do not sign up during the enrollment period, a late enrollment fee applies. Additionally, there is a general enrollment period from Jan. 1 through March 31 each year.
Medicare comprises four parts, covering specific services. Most people have Part A and Part B, covering hospital and medical insurance.
Bankrate’s guide to scoring the best deals on every item you’re looking for Amazon Prime Day 2022.
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