What is Medicare? Tax Terms Explained

Medicare is the federal health insurance program for people who are 65 or older.

Medicare is also available to certain younger people with disabilities and people with End-Stage Renal Disease.

Medicare Provision

Medicare is split into separate Health Care coverage:

Medicare Part A (Hospital Insurance)
Medicare Part B (Medical Insurance)
Medicare Part C (Medicare Advantage Plans)
Medicare Part D (prescription drug coverage)

What Medicare Cover do I have?

If you are unsure of what Medicare cover you have, you should:

Check your red, white, and blue Medicare card.
Check any other insurance cards you have. There should be a contact number, call the phone number and ask what Medicare cover is provided and what you are covered for.
Check your Medicare health or drug plan enrollment.
Call the Medicare Helpline on 1-800-633-4227
If you are a TTY user you should call 1-877-486-2048

You can find more detail and guidance at the official Medicare website

You can calculate how Medicare affects your tax payments here, simply select the advanced tax calculator and enter your Medicare details

Want to share more about Medicare and Tax?

Contact us if you would like to expand on the Medicare information shown or share your personal experiences of how Medicare have affected your tax return. If you are a website owner, Independent Financial Advisor etc, we will provide a link back to your website in recognition of your support.