Retirement Planning FAQs: Will Medicare Cover All of My Medical Expenses?

Retirement planning involves careful long-term calculations. You do not have a crystal ball, so there is no way that you can anticipate every expense that may come your way during your senior years. At the same time, you can gain a thorough understanding of the benefits that you will have, and you can make projections. When it comes to health care, you will qualify for Medicare coverage when you reach the age of 65 if you have paid into the program sufficiently throughout your life. Just about everyone who has worked for at least 10 years will qualify for Medicare coverage. To explain the formula, you get one retirement credit for every $1220 that you earn in 2015. The maximum annual accrual is four credits, and you earn Medicare eligibility after you have accumulated at least 40 credits. Medicare is a solid safety net, but there are out-of-pocket expenses that you should be aware of when you are creating a retirement budget. You have to pay a premium for Medicare Part B, which is the


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