# Medicare

*Retirement & Benefits — Finicade finance glossary*

Medicare is US health coverage from age 65, split into hospital, medical, drug and bundled private plans. Two financial details matter for planning: premiums are means-tested through IRMAA using income from two years earlier, so a one-off capital gain at 63 raises premiums at 65, and enrolling late without qualifying coverage triggers permanent penalties. It also doesn't cover long-term care, the largest uninsured retirement expense.

**Also known as:** Medicare Part B, Medicare Advantage, IRMAA

**Related terms:** [Social Security](https://finicade.com/glossary/social-security), [COBRA](https://finicade.com/glossary/cobra), [Health Savings Account (HSA)](https://finicade.com/glossary/health-savings-account), [Modified Adjusted Gross Income (MAGI)](https://finicade.com/glossary/modified-adjusted-gross-income), [Full Retirement Age](https://finicade.com/glossary/full-retirement-age)

Source: https://finicade.com/glossary/medicare