The Pieces of the Medicare Puzzle

Jul 25, 2015

By Rick Law, Estate Planning and Asset Protection attorney at the Estate Planning Center of Law Elder Law, just outside Chicago in Aurora, IL

There are four parts of Medicare coverage: hospital insurance, medical insurance, Medicare advantage plans, and Medicare prescription drug plans, all with their own eligibility requirements.

Hospital Insurance (Part A) – According to the Social Security Administration, most people age 65 or older who are citizens or permanent residents of the United States are eligible for free Medicare hospital insurance (Part A).  You are eligible at age 65 if:

• You receive or are eligible to receive Social Security benefits; or
• You receive or are eligible to receive railroad retirement benefits; or
• Your have a spouse who is eligible; or
• You or your spouse (living or deceased, including divorced spouses) worked long enough in a government job where Medicare taxes were paid; or
• You are the dependent parent of a fully insured deceased child.

Individuals who do not meet these requirements may be eligible for Medicare hospital insurance for a monthly premium. Usually, this hospital insurance is only available during certain enrollment periods.

Before age 65, you are eligible for free Medicare hospital insurance if:

• You have been entitled to Social Security disability benefits for 24 months; or
• You receive a disability pension from the railroad retirement board and meet certain conditions; or
• [You] receive Social Security disability benefits because [you] have Lou Gehrig’s disease (amyotrophic lateral sclerosis); or
• You worked long enough in a government job where Medicare taxes were paid and you meet the requirements of the Social Security disability program; or
• You are the child or widow(er) age 50 or older, including a divorced widow(er), of someone who has worked long enough in a government job where Medicare taxes were paid and meet the requirements of the Social Security disability program; or
• You have permanent kidney failure and receive maintenance dialysis or a kidney transplant and:
  • You are eligible for or receive monthly benefits under Social Security or the railroad retirement system; or
  • You have worked long enough in a Medicare-covered government job; or
  • You are the child or spouse (including a divorced spouse) of a worker (living or deceased) who has worked long enough under Social Security or in a Medicare-covered government job.

Too many families needlessly lose everything they have.  Don’t let that be you.  If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100.  Your first consultation is absolutely free.  We’ll let you know what steps you need to take, right now, to protect yourself and your family.  Call now, because when you’re out of money, you’re out of options!

Sincerely,

Rick L. Law, Attorney, Estate Planner for Retirees.

Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future.  Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care.   Call 800-310-3100 for your free consultation now!