Like Social Security, Medicare is funded by tax dollars.
The Social Security and Medicare tax rates are withheld from your paycheck and are matched by your employer. Learn more about how your tax dollars contribute to Medicare and what it means for your health care costs.
The Federal Insurance Contributions Act (FICA) is the law that requires you and your employer to contribute equal amounts to the costs of maintaining Medicare and Social Security.
The 2019 income tax rates you paid to contribute to Social Security and Medicare were:
If you make over $200,000 per year, you are required to pay an additional Medicare tax of .9% on your income.1
Part A covers some of the costs associated with:
If you worked and paid Medicare taxes for 10 years, you will not likely pay a monthly premium for your Medicare Part A benefits.
If you haven’t paid according to these tax rates for at least 10 years, you may be eligible for Part A coverage, but you may have to pay a monthly premium
Doctor’s office visits, medical lab work, outpatient health care services and medical supplies are covered under Medicare Part B.
Everyone pays a monthly premium for these services, which is automatically withheld from your Social Security check if you are receiving those benefits.
While Original Medicare benefits are provided by the federal government itself, some people prefer to get those health care benefits through Medicare Advantage plans. Medicare Advantage plans are offered by private insurers and cover all of the Original Medicare health care benefits.
These plans may also offer additional services that can include coverage for:
Learn more about how a Medicare Advantage plan could be a good fit for your health care needs. Call today to speak with a licensed insurance agent.
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