Control your personal finance   free website content | contact | privacylink partners
Home » Miscellaneous
Money articles

» Personal finance
» Credit cards
» Saving money
» Debt elimination
» Budgeting
» Investing
» Business
» Real estate
» Making money
» Miscellaneous
» Career
» Loans
» Promote your business
» Insurance
» Bankruptcy

» Archive

Simple ways to keep your Medicare coverage if you get divorced

By Jakob Jelling
http://www.cashbazar.com

Divorce sometimes is a complicated matter altogether; even if both the spouses have prepared their minds to face the inevitable, there are other factors as well – especially legal – that does not get wind up quickly. Issues like rights for property, responsibility over credits and future of existing privileges or contracts signed when the spouses were married, might need a different approach altogether before it can be said that any feasible solution can be drawn. Here we talk about the future of Medicare coverage after the spouses getting divorced.

Many a times, after divorce, the spouses ask - Can I keep my Medicare coverage if I get divorced? The answer is yes, but with certain conditions. But, before addressing the doubt, let us see what Medicare is all about.

Medicare is a national insurance scheme in US meant to serve senior citizens aged above 65 or people who are disabled. The Medicare plan was conceived in 1965 by the passage of social security amendments and is managed by the Centers for Medicare and Medicaid Services. The Medicare scheme includes two parts – Medicare A and Medicare B – the first one being compulsory hospital insurance and the second one is optional where the user can choose if he/she wants to subscribe the government-assisted insurance program that covers doctor’s fees. Medicare is financed by a part of the payroll taxes paid by the employers and workers. Monthly premiums deducted from social security cheque also go into funding Medicare.

Now back to the point of discussion - Can I keep my Medicare coverage if I get divorced? Yes, you can, but subjected to certain conditions. Based on your ex-spouse’s work record, you become eligible for Medicare once you reach 65 years of age, if your spouse has worked long enough in a federal, state or local government job where Medicare taxes were paid. Also, those divorced spouses below 65 years are eligible for Medicare coverage, but after a 24-month qualifying period during when you must have received social security benefits. But, after divorce if you have remarried, then you would be no longer eligible for your ex-spouse’s Medicare coverage. Also if you have paid Medicare taxes by yourself while you were working, then you will continue to get Medicare privilege, irrespective of your present marital status.

To conclude, a person is eligible for Medicare coverage based on the ex-spouse’s work record in terms of meeting the Medicare criteria other than having his/her own separate Medicare qualification. But the important aspect in this context is to remain aware of the various rules and schemes that facilitate such rights. To be eligible and fail to claim the right due to unawareness is the worst thing that can happen to a person. In simpler terms, it is all about being informed about one’s own rights and prepare accordingly so that nothing goes amiss due to one’s ignorance. Take Care!


About the author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

Search CashBazar

Google
 
Web www.cashbazar.com


Latest money articles

» Controlling the price changes in futures markets
The lock-limit is one way that the markets can be controlled.

» How much will price changes effect stock trading?
Price elasticity is an economics term that refers to the way that price changes of stock can affect the demand for that stock.

» Large volume trading in steps
Program trading is a term that is also used in at least two different (though similar) meanings.

» How many stock options are available?
Open interests are not a feature of all stock market trades. In fact, open interests are calculated based on options and futures trades.

» Protect your portfolio from large losses
If you are worried about the stock market, then you might want to consider portfolio insurances.

» Insure your investment without limiting returns
Are you looking for a way to trade on the stock market without having to deal with all of the risks?

» Regional funds explained
Increase your portfolio diversity with funds from other regions.

» What is a derivative?
Invest in commodities without buying the commodities themselves.

» What is an option?
An option is an agreement that a commodity or stock will be available for purchase at a set date.

» Should I always pay a commission when buying mutual funds
There are three main types of mutual funds when it comes to commissions.

» Find the lowest risk investment portfolio
If you're trying to find a good investment portfolio, then you may want to look at the Treynor measure.

» The difference between PAX World Funds and The World Funds
The first type is purchased through the company PAX, and these funds focus on socially responsible companies.

» The Alpha factor explained
A new method of differentiating between different investments.

» How good is your planned investment
A company prospectus is a legal document that has been filed by the company that you might be thinking about investing in.

» How do I find the best investment advisor?
If you're looking for the best investment advisor for you, you should make sure that you pay attention to the type of investments that that advisor usually recommends.

» How to find the best full-service stockbroker - ask questions
Before you decide who you should choose for your full-service stockbroker, make sure that this is the best option for you financially.

» Investing in commodities
Investing in commodities is not too hard to do - the real problem comes in when you are trying to decide which commodities you should invest in, and when it is better to buy or sell a particular product.

» Don't wait to get your retirement payments!
If you're looking for an annuity, there are a variety of different annuities to choose from.

» Multisector bond funds explained
If you are looking to invest in bonds, but you are not sure that you want to deal with making all of the purchases on your own, bond funds might be the right option for you.

» Private annuity explained
The biggest difference between a regular annuity and a private annuity is that private annuities take place between two individuals, instead of between an individual and an insurance company.

» Avoid estate taxes with a life insurance trust
If you're looking for another way to insure yourself with a life insurance policy that will avoid any taxes after your death, then you should look into getting a life insurance trust.

» What is a Section 1035 policy exchange?
Don't lose insurance money when you change policies.

» Who should consider annually renewable term life insurances?
If you're looking for a good insurance policy, then you should probably take a good look at your financial situation, and at what you can count on being your situation in the future.

» Death benefit only plan explained
If you need life insurance, but you are not able to afford the regular price for life insurance, then you might want to look into a death benefit only plan.

» How to save money on your homeowner's insurance
In the case of homeowner's insurance, the most common way to reduce the amount of money that you will be paying each month is to increase your deductible.


Make money online

Please visit Sitetube.com and learn how to profit from your website.