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When am I eligible for Medicare?

Most Americans become eligible for Medicare at age 65. If you've worked at least 10 years and paid Medicare taxes, Part A (hospital) is premium-free. You must actively enroll in Part B and Part D — there are penalties for late enrollment (10% per year for Part B, 1% per month for Part D).

What is IRMAA?

Income-Related Monthly Adjustment Amount — the extra amount high earners pay for Medicare Parts B and D. In 2024, IRMAA kicks in for individuals with MAGI above $103,000 (single) or $206,000 (MFJ). The highest tier pays $594.00/month for Part B alone vs. the standard $174.70.

Why does Medicare use 2-year-old income?

Medicare uses the most recently filed tax return, which is typically 2 years old. This is called the "lookback." If your income drops significantly (retirement, divorce, death of spouse), you can request a redetermination using more recent income through Form SSA-44.

What is Medicare Advantage vs Original Medicare?

Original Medicare (Parts A + B + D) has no out-of-pocket maximum and allows any provider nationwide. Medicare Advantage (Part C) is offered by private insurers, often with $0 premium (but network restrictions), bundled benefits, and an annual out-of-pocket maximum. Many Advantage plans include Part D drug coverage. Supplement (Medigap) policies cover the gaps in Original Medicare.