Higher earners pay more for Medicare, but can their income disqualify them from coverage entirely? Fauzi Muda/Getty Images

Many of the Americans who are turning 65 soon — or those who qualify earlier due to disability — will face a major financial and healthcare milestone: enrolling in Medicare for the first time . This healthcare coverage program, which covers hospital stays, doctor visits and prescription drugs for retirees and seniors, currently supports nearly 69 million beneficiaries nationwide, according to the latest monthly enrollee data . For many of these retirees, Medicare represents both peace of mind and a crucial safety net that helps manage medical expenses after they've stopped working.

But the high earners who are approaching retirement may find themselves wonder

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