The Top Five Medicare Myths Busted
In every political season, Medicare is a hot topic. That's because millions of older Americans depend on it for most of their health coverage, and these Americans tend to vote. Here are some common misconceptions about Medicare, the government provided health insurance program for seniors.
Myth #1: You have to be at least 65 to get Medicare coverage. You should know that Medicare coverage is available to healthcare consumers who have certain physical or mental disabilities prior to their turning 65. Be aware, however, that there is a waiting period between the time you are found disabled and the time your Medicare coverage kicks in.
Myth #2: You don't have to pay anything for healthcare once you are covered by Medicare. You will still have to pay a monthly premium for Medicare Part B, which is the part of the plan that covers physician visits and outpatient services. As of now, this monthly premium is approximately $100, but it goes up if you are still working and earning an income of over $170,000. With Medicare Part A, which covers hospital care, you must pay a deductible for hospital stays. Medigap, the private supplemental insurance policy that you buy to compliment Medicare, can cover some of these costs.
Myth #3: Medicare will cover all of your healthcare needs. In addition to the coverage from Part A and Part B, Medicare Part D covers prescription drugs, but the Medicare plan as a whole does not cover vision care, long term care, dental care or hearing aides. It also will not cover you should you get ill while traveling abroad.
Myth #4: You can enroll in the Medicare program anytime after you reach age 65. When you enroll in Medicare will most likely be dependent upon whether you are still working and receiving health benefits through your employer when you turn 65. If you are getting employee benefits, you may want to delay enrolling in Medicare to avoid paying double premiums. On the other hand, if you are no longer getting employer-sponsored benefits, COBRA or retirement health benefits, you must sign up for Medicare immediately upon turning 65, or your premium for Part B will be increased by ten percent for each year you delay. In addition, if you are 65 or older and are receiving health benefits through a younger spouse's employer and that spouse gets laid off, you must also sign up for Medicare immediately or face a penalty.
Myth #5: The Obama Affordable Care Act will cut your Medicare benefits. This may only be partially true. The healthcare reform law is making cuts to federal reimbursements to private insurers who cover special services like vision and dental care under the Medicare Advantage supplemental insurance plan. Some argue that this will have the affect of reducing benefits to lower income seniors, but others disagree. What's certain, however, is that the law provides general Medicare recipients with free annual wellness check-ups and some free screening tests like mammograms and colonoscopies.
We have not come close to the end of the debate on the Medicare program in the United States. Pay close attention to the news and make sure you're apprised of the latest developments on this important healthcare issue.