Planning Beginner: Introduction to Medicare

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1.
What is the income limit on which Medicare tax is paid?
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There is no limit. Unlike the Social Security tax, there is no ceiling on the income on which the Medicare tax is paid.
2.
Medicare Part A covers _______.
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Inpatient hospital care. Part A covers this as well as skilled nursing facilities, hospice, and home health care.
3.
When does open enrollment for Medigap normally begin?
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The month you turn 65 and are enrolled in Medicare Part B. It automatically begins then.
4.
Which part of Medicare is funded by tax revenue?
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Part A. Part A, which covers inpatient care, is funded by a 2.9% payroll tax. The others are funded primarily by Medicare enrollees themselves.
5.
Medigap policies _______ cover your share of costs under other health coverage policies.
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Do not. Medigap policies do not cover them.