Busting Medicare Myths

Medicare. Do you know what it is? You may think that is a ridiculous question to ask because it is the name of our nation’s federal health insurance program and has been around for decades. However, despite providing services to 60 million people, there are still a lot of misconceptions about Medicare.

If your time to enroll in Medicare is approaching, you need to make sure you fully understand what it is, what it covers, and how to go about getting it. Taking the time to do your research can help you save, potentially, hundreds of dollars.

Lucky for you, we have busted five of the top Medicare myths.

  1. Medicare costs the same amount for everyone- Many factors come into play when determining the costs of your Medicare health plan. Your work history, income, and plan selection will all influence, not only, if you will pay a premium, but also how large or small your premium will be. When you enroll will also impact the cost of your premium. The cost of Medicare is unique to everyone and is affected by their own decisions and actions in obtaining Medicare coverage.
  2. Medicare is free- Medicare is just like any other insurance coverage. It involves out-of-pocket costs such as deductibles, coinsurance, and co-payments, along with monthly premiums. You have the option to select a plan that will meet your needs and fit your budget. Finding the right plan requires understanding what each plan offers. To learn more about Medicare plan coverages, check out our previous blog post.
  3. Medicare covers everything- Original Medicare consists of your medical and hospital insurance. Though that is a lot, it is not everything. That is where Medicare Advantage and Medicare Supplement plans come in. You can learn the difference between those two plans here.
  4. People can enroll in Medicare at any time- Though this is technically true; it is not the wisest decisions. You do face penalties if you do not enroll during the Initial Enrollment Period. Initial Enrollment is the kick-off of your Medicare eligibility. It begins three months before you turn 65 and lasts through the three months after your birthday. Enrolling anytime outside of that time frame could result in having to pay a higher premium later.
  5. Medicare and Medicaid are the same program- NO! Their names can be quite tricky but don’t get these two programs confused. Though they both provide health insurance, the people they serve are very different. Medicare is for people 65 and older, and those who may have specific disabilities or end-stage renal disease. Whereas Medicaid is for those with limited income and resources. People can be eligible for both, but they have to apply for each program separately.


Call our experts at Avery Hall if you have any more questions about Medicare or your coverage!

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