Whether or not you are on Social Security at age 65, you are eligible for Medicare, as long as you are a U.S. citizen or lawful permanent resident. Medicare is federal health insurance for people 65 or older, and for some younger people with disabilities. Most people on Medicare have helped fund it over the years through payroll taxes.
As of October 2021, over 63 million Americans were enrolled in the program. Does Medicare cost these Americans? And will it cover all their healthcare expenses?
1. You Pay for Medicare
With a few exceptions, Medicare is not free. Even if you paid into it throughout your career, you’ll still have a monthly premium. If you are on Social Security, it will be automatically deducted monthly from your check….