If you’re wondering “Medicare is not mandatory?” then you’re not alone. While not all Americans have to have it, the government has made the program mandatory for government employees hired after March 31, 1986. In addition, certain types of government employees already receive Medicare coverage. Those who qualify for Medicare are known as Medicare Qualified Government Employees (MQGEs). Unlike their private sector counterparts, MQGEs don’t pay for Social Security coverage. However, they do pay part of the FICA premiums for Medicare. Social Security disability beneficiaries are also automatically eligible for Medicare Part A. Their eligibility begins after 24 months of disability. Monthly premiums will vary depending on income levels.
You’ll Also Have To Pay A Monthly Deductible
While Medicare isn’t required, it’s still worth knowing that if you wait until your 65th birthday to enroll, you might end up with financial penalties if you don’t. Depending on your circumstances, you may be able to opt out of some parts of Medicare if you have private insurance. For instance, if you already have health insurance through an employer or private provider, you can keep that coverage even after becoming eligible for Medicare. Nonetheless, you should think twice about opting out of Medicare if you already have coverage.
If you have employer-sponsored coverage, you should consider enrolling in this plan. However, keep in mind that Part B will cost you a monthly premium. In addition, if you delay enrolling in Part B, you’ll have to wait for the General Enrollment Period, which means you’ll have to pay even higher premiums. You’ll also have to pay a monthly deductible for Part B. If you decide to delay enrollment in Medicare, you should contact your employer and see if your plan is compatible with yours.