Medicare is very complicated and misunderstood. To those learning to navigate it, it can seem like an unsolvable maze. This article clears up 3 common medicare misconceptions that many people have.
1. It is Free
Even though Part A is free of premium for most people, Part B has a $104.90 monthly premium (this may be more depending on your income).
Under Original Medicare, you are also going to be responsible for deductibles and co-insurance.
Part A has a $1260.00 deductible. Your first 60 days of a hospital stay will be available to you for no co-insurance. However, days 61-90 will cost you $315 a day. Then days 91-150 will cost you $630 a day. After the 151st day, you will be responsible for all of your costs. Also, only semi-private rooms are covered.
Part B has a $147 annual deductible and 20% co-insurance on most all doctor’s services. You will receive a free annual check-up and several preventative tests, but the rest will cost you. It is also important to keep in mind that none of this includes prescription drug costs.
Thankfully, there are Medicare Advantage Plans and Medicare Supplement Plans that are available to help cover the extra costs. Some Medicare Advantage Plans are available with no additional monthly premium.
2. It Covers Everything
While Original Medicare covers a percentage of hospital stays and doctor’s services, there are many expensive services that it does not cover.
Here are a few examples:
- Private Hospital Room
- Dental Care (from Alaska Dental Associates)
- Hearing Aids
- Eye Exams
- Chiropractic Care
- Long-Term Care
- Gym Memberships
- Out of Country Medical Expenses
The expenses of these services are left to come out of your pocket.
You Can Enroll at Anytime
The initial enrollment period for Original Medicare varies for each person. It is a 7 month period that begins 3 months before your 65th birthday and ends 3 months after your birthday. You can also enroll in a Medicare Advantage, Medicare Supplement, or Part D Prescription Drug Plan during this time. Or you can enroll during the annual enrollment period which runs from October 15th-December 7th each year.
This article is for informational and educational purposes only. We are in no way affiliated with Medicare. You can visit their official site at www.Medicare.gov.