What exactly is Medicare?

Medicare is a federally regulated health insurance program for U.S. citizens aged 65 or older, and for permanent residents aged 65 or older who have lived in the U.S. for at least the past 5 years. You may also qualify for Medicare before age 65 if you’ve been receiving Social Security disability benefits for 24 months or longer, or if you have End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS, also known as Lou Gehrig’s disease).

Some people are automatically enrolled in Medicare, while others need to take action to sign up. Whether you’re automatically enrolled depends on when you start receiving Social Security retirement or disability benefits.

In addition to these eligibility criteria, most individuals must also meet a minimum number of work credits over their lifetime to qualify for Medicare. Generally, earning 10 years of work credits (40 credits) qualifies you for full Medicare coverage. However, there are exceptions and variations based on an individual’s health and financial situation.