When it comes to Medicare, there’s no shortage of myths and misconceptions. This can lead to confusion and misinformed decisions. At The Benefit Link, we believe in providing accurate information so you can make the best choices for your health coverage. Let’s debunk some of the most common Medicare myths!
Myth 1: Does Original Medicare Cover Everything?
The Truth: Original Medicare Doesn’t Cover All Healthcare Expenses
Many people believe that Original Medicare (Parts A and B) covers all healthcare costs. While it does provide essential coverage, it doesn’t cover everything. For example, Original Medicare doesn’t cover most dental care, eye exams for prescription glasses, dentures, or hearing aids and exams for fitting them. Additionally, you’ll need to pay premiums, deductibles, and coinsurance out of pocket. To fill these gaps, many beneficiaries choose to add a Medicare Supplement (Medigap) plan.
Myth 2: Is Medicare Free?
The Truth: Medicare Has Costs
Another common myth is that Medicare is free. While Medicare Part A (hospital insurance) is usually premium-free if you or your spouse paid into Medicare for at least 10 years, there are still other costs involved. Medicare Part B (medical insurance) comes with a monthly premium, which varies based on your income. Additionally, there are costs like deductibles, copayments, and coinsurance for both Parts A and B. Medicare Advantage Plans and Part D (prescription drug coverage) also come with their own premiums and out-of-pocket costs.
Myth 3: Are Medicare and Medicaid the Same Thing?
The Truth: Medicare and Medicaid Are Different Programs
Medicare and Medicaid are often confused, but they serve different purposes and populations. Medicare is a federal program primarily for people aged 65 and older, regardless of income, as well as some younger people with disabilities. Medicaid, on the other hand, is a state and federal program that provides health coverage for individuals and families with low incomes and limited resources.
Myth 4: Once I Enroll in a Plan, Am I Stuck There Forever?
The Truth: You Can Change Your Medicare Plan (only during certain times)
A common misconception is that once you choose a Medicare plan, you’re locked in forever. In reality, you have opportunities to change your Medicare coverage. Each year, during the Annual Enrollment Period (AEP) from October 15 to December 7, you can switch Medicare Advantage plans and return to Original Medicare, or change your Part D prescription drug plan. Additionally, if you qualify for a Special Enrollment Period (SEP) due to certain life events, such as moving or losing other insurance coverage, you can make changes outside of the AEP.
At The Benefit Link, we’re committed to helping you navigate the complexities of Medicare. Understanding these myths and the realities of Medicare coverage can help you make informed decisions and find the plan that best suits your needs.
Have more questions about Medicare? Reach out to us for personalized assistance and expert advice at 817-886-5703
Diana Scothorn breaks these myths down in our new video! ⬇️⬇️⬇️
