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People over 65 years old who have 40 work credits qualify for premium-free Medicare. Individuals with fewer work credits can pay a monthly premium for Medicare coverage.
For premium-free Medicare Part A, an individual must have worked 40 quarters. This is about 10 years of working and paying Medicare taxes. A quarter of coverage refers to a 3-month period of work ...
There are 4 quarters in every calendar year. Medicare tracks how many quarters of work you accumulate throughout your life. Each quarter of work counts as 1 credit. To earn a qualifying quarter of ...
Medicare is a federal health insurance program in the United States for people age 65 or older and younger people with disabilities, including those with end stage renal disease and amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). It was begun in 1965 under the Social Security Administration and is now administered by the Centers ...
Notes: Tax rate is the sum of the OASDI and Medicare rate for employers and workers. In 2011 and 2012, the OASDI tax rate on workers was set temporarily to 4.2% while the employers OASDI rate remained at 6.2% giving 10.4% total rate. Medicare taxes of 2.9% now (2013) have no taxable income ceiling. Sources: Social Security Administration [12] [13]
In general, a total of 40 credits is needed to qualify for benefits. That amount of credits represents 10 years of work. A person gets Social Security credits, to a maximum of four credits ...
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