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Making sense of Medicare can be difficult, especially if you are like many people and your health insurance was provided through an employer that offered just a handful of options. Once you turn 65 however, that changes and you are most likely on your own to choose which Medicare plan amongst several choices is right for you and your situation. If this sounds familiar, don’t worry.
On July 30, 1965, Lyndon Baines Johnson signed H.R. 6675 making Medicare law. President Johnson signed the bill in Independence, Missouri and gave Harry S. Truman his official Medicare card with number 001. The choice of Independence, Missouri for the signing of this bill was attributed to recognizing President Truman’s message to Congress on November 19, 1945, calling for the creation of a national insurance fund that would be open to every American citizen.
This is not a complete overview of the efforts over the years to establish a health care plan for senior citizens. President Eisenhower, as well as Congress, visited the topic many times. John F. Kennedy tried to create a health care program for Americans over the age of 65 that were not covered by health insurance. It was not until President Johnson signed the law in 1965, establishing Medicare that senior American citizens had a financial safety net. That law created Medicare parts A and B.
Use the button below to continue reading the Making Sense of Medicare white paper. It’s a great place to start understanding the general rules surrounding the different parts and pieces of Medicare.
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The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.