Medicare is the federal health insurance program for Americans age 65+ and those with certain disabilities or end-stage renal disease. Parts: A (hospital insurance, mostly free), B (outpatient, ~$185/month standard premium for 2026), C (Medicare Advantage, private plans replacing A+B), D (prescription drug coverage). Initial Enrollment Period is 3 months before to 3 months after your 65th birthday — late enrollment in Part B and D triggers permanent premium penalties. Higher-income retirees pay IRMAA surcharges on Parts B and D — based on AGI from 2 years prior. Medicare doesn't cover dental, vision, hearing aids, or long-term care.
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Medicare
August 22, 2026 · Aditya Gupta
Personal Finance
Related terms
403(b)
A 403(b) plan is a retirement plan for employees of public schools, nonprofit hospitals, charities, and religious organizations…
457(b)
A 457(b) plan is a retirement plan for state and local government employees and certain nonprofit employees. Unique…
Annuitization
Annuitization is the process of converting a lump sum (or accumulated annuity value) into a guaranteed income stream,…
Annuity
An annuity is an insurance contract paying a stream of income, often for life — designed to provide…
Backdoor Roth Conversion
The Backdoor Roth Conversion strategy enables high earners who exceed Roth IRA income limits to fund a Roth…
Beneficiary IRA
A Beneficiary IRA (Inherited IRA) is a retirement account inherited from a deceased owner. Post-SECURE Act 2019, most…
