Medicare Preparation: Top 5 Myths about Medicare
People are talking, but do you know the difference between Medicare fact and fiction?
Check out these Top 5 Myths about Medicare and put your knowledge to the test.
Medicare Myth #1: Medicare is similar to private health insurance
While Original Medicare (Part A and B) does provide access to doctor and hospital services, there are limits to which doctors and hospitals you can visit. With Medicare plans provided by a private insurer, you may have a broader choice of service providers. You may even be able to continue using your current doctor and hospital.
Medicare Myth #2: Medicare provides you with free healthcare
That's not entirely true. With Medicare Part A, you won't have to pay a premium and you will be covered for hospital stays and services. If you select another Medicare option like Medicare Part B or Part D drug benefits, you may be responsible for some costs.
Medicare Myth #3: Medicare covers everything
You are not covered for routine dental care, eyeglasses, or hearing aids with Original Medicare (Part A and Part B). To receive coverage for these, consider a Medicare Advantage plan. These plans include the same coverage as Original Medicare, but are managed by private insurance companies and have different cost-sharing structures.
Medicare Myth #4: You can enroll in Medicare at any time
For your initial enrollment in Medicare, you have three opportunities to make your selection:
- three months before your 65th birthday OR
- the month of your 65th birthday OR
- three months after your 65th birthday.
Once you've made your selection, you can choose to keep your same Medicare health plan for the next year or change plans during the annual election period (AEP).
Medicare Myth #5: Your prescription drugs are covered by Original Medicare
This is not the case and you will need to get Medicare Part D for your prescription drugs. You will need to buy Part D coverage from a private company that has been approved by Medicare to provide these plans
