Medicare is popular among older Americans, but it can be difficult to navigate, according to MarketWatch.
A complex web of health benefits serving more than 46 million senior citizens and disabled people, Medicare requires that recipients get educated about the timing and details of their enrollment. The MarketWatch report lists four common Medicare misconceptions:
-
Medicare works like private health insurance: Medicare recipients cannot face higher premiums or rejection of care based on existing conditions. However, higher earning Medicare recipients will pay premium surcharges for doctor visits, outpatient services, and prescription drugs.
-
Medicare provides cheap or free health care: The program does provide free checkups and screenings for a number of conditions, and Medicare Part A, which covers hospital stays, is premium free for most. However, traditional medicare involves premiums, copayments, and deductibles that cost more for higher earners.
-
Medicare covers everything: Traditional Medicare does not cover dental, eye, or hearing care, and long-term custodial care is left up to individuals. It also will not cover most care required while recipients are traveling outside the country. Instead, many may purchase a Medicare Advantage plan from a private insurer to cover such needs.
-
You can sign up at any time: For those still employed and cover by employer insurance, it may be wise to put off enrollment in Medicare Part B (which is where the Medicare premiums begin). However, caution must be exercised as incorrectly putting off enrollment may result in a recipient being forced to pay a surcharge of 10 percent of the Part B premium for every 12 months enrollment is delayed.
