Medicare Support for Ohio Employees Finding the right Medicare plan is crucial for American seniors. A 65-year-old couple retiring in 2021 would expect to spend an es- timated $300,000 on healthcare expenses throughout retirement, not including long-term care costs. Since then, the cost of healthcare in America has only risen. Medicare is a crucial decision for employees in all different si- tuations. Employees turning 65 or older must evaluate whether to stay on their employer insurance or enroll in Medicare. Employees at companies with fewer than 20 employees are required to sign up for Medicare. Finally, employees who plan to retire soon must find the right Medicare coverage that fits into their financial plan. This article aims to provide a brief overview of the program and resources to help your team navigate their Medicare journey. What is Medicare? Medicare is a federal health insurance program designed to pro- vide healthcare coverage for individuals aged 65 and older, as well as certain younger individuals with disabilities and those with En- d-Stage Renal Disease (ESRD). Established in 1965 under Title XVIII of the Social Security Act, Medicare helps millions of Americans cover their healthcare costs during retirement. Medicare consists of a few different parts. Part A is hospital care, Part B is out-patient medical care, like doctor’s visits, and Part D is drug coverage. There is a Part C (also called Medicare Advantage), which bundles these three parts together. Each part of Medicare has a cost. Most Americans don’t pay any-
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