5 Most Common Medicare Myths Debunked: Don't Let These Destroy Your Retirement

Medicare is a hero for millions of seniors who get their health coverage through it. More likely, during retirement, you will depend on it as well.

However, getting your facts straight about Medicare could end up struggling amid retirement needlessly, as per Motley Fool. Below are some of the medicare myths that you can't afford to buy into:

Coverage is free

Generally, Medicare Part A that covers hospital care, is free for enrollees. But medicare parts B and D that cover outpatient prescriptions and care charge a premium, respectively. 

If you sign up for Medicare Advantage, more likely, you will pay a premium. Medicare Advantage is an alternative to the original Medicare. 

You would also have deductibles, coinsurance, and copays to cover in addition to premium costs. So you must not think that you won't spend any money on your healthcare during retirement. On the contrary, your healthcare costs would eat up a substantial portion of your retirement income. 

Medicare covers everything

The Balance says that Medicare doesn't work the same as the traditional health insurance plans. It is not free and will not cover all your healthcare expenses. There are several essential services that the original Medicare won't pay for, such as vision exams, hearing aids, and dental care. Sign up for a Medicare Advantage plan or prepare to pay for these services, wherein you may get covered for these expenses. 

Enrollment is whenever you may want it

The start of signing up for Medicare spans seven months, starting three months prior to the month before your 65th birthday. It would end three months after that month. 

Technically, you don't have to enroll in Medicare during that time, but if you miss the window, you won't be covered by a group health plan through an employer. Besides, you will risk being charged a 10% penalty on your Part B premiums every 12 months you are eligible for coverage but failed to enroll. 

You can't enroll if you're still working

At age 65, medicare eligibility will start regardless if you are working or not. You're still entitled to enroll in Medicare, even if you have group health coverage from an employer. If your group health plan has 20 people or more, Medicare will serve as your secondary insurer.  

If you would want to enroll in Medicare while you are working, it is a different case. You may sign up for Part B if you are satisfied with your group health coverage. It will cost you money, and the 10% penalty won't be applicable in this situation. But it could be a way for you to sign up for Part A even if you have health coverage through an employer since it will not cost you anything. Besides, you may pick up certain hospital expenses that your primary insurer doesn't. 

It's not allowed to sign up until you're on Social Security

For Social Security, the full retirement age is either 66, 67, or in between. Medicare coverage begins at the age of 65. You can have Medicare without being signed up on Social Security. In this case, you need to pay your Part B premiums directly once you are on Social Security. Our payment will be deducted from your benefits, but that is the only change you will be affected by, which is a minor one. 

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