1. Most Medicare-related terms have multiple names: We’re not sure why, but when it comes to Medicare, most things have multiple names. For instance, Medicare Part A is also referred to as “hospital insurance,” while Medicare Part B is often called “medical insurance.” Medicare Part C is sometimes known as “Medicare Advantage” and Medicare Part D is often referred to as “prescription drug coverage.” Watching our Medicare 101 Webinar serves as a beneficial recap of coverage options available to you. Register here.
2. If you make more money, it costs you more: It is true that some individuals will have a higher premium for Medicare Part B based on their income. than the standard premium amount. If you have any questions or concerns, please don’t hesitate to reach out for assistance.
3. Medicare only covers 80% of medical expenses:Unfortunately, Medicare only covers up to 80% of eligible medical expenses, leaving the remaining 20% to be paid out of pocket, which can become quite costly if you ever have a medical emergency. To help make costs more manageable, we recommend looking at Medicare Supplements or Medicare Advantage plans to help cover the remaining expenses.
4. Medicare doesn’t pay for anything while you’re traveling abroad: That’s correct, Medicare does not cover any medical expenses incurred while traveling abroad. However, there are some options for travelers who need medical care outside the US. For example, a Medigap or a Supplement can provide coverage in emergencies and some travel insurance policies offer health coverage for medical emergencies that may arise while traveling abroad.
5. Medicare doesn’t cover dental, vision, or hearing: That’s true, Medicare does not cover dental, vision, or hearing services. However, there are other options available to help cover these costs. Many Medicare Advantage plans offer some coverage for vision and hearing services, while some Medicare Supplement plans can help cover some of the cost of dental services.
6. If you wait to choose a Part D drug plan, you’ll be penalized forever: While you aren’t required to have prescription drug coverage, you will be penalized each month that you go with out it. For every month that you don’t have drug plan, you’re penalized 1% of the national base beneficiary premium. This sum is then added on to your monthly Part D premium, meaning that the more months you go without coverage, the more expensive your drug plan will eventually be. Find out more about frequently asked Part D questions here.
7. Medicare doesn’t cover LTC costs and may cost more then you think: It’s true, long-term care can be a very expensive expense, especially for seniors age 65 and over. Although it can be costly, there are a few options available to help seniors. We are here to help you explore all your available options and provide guidance throughout the process, so please don’t hesitate to reach out to us with any questions you may have. Read more on what Part B covers here.
8. You don’t have to signup for Medicare at age 65: If you wait to retire and have group health coverage through your employer, you don’t have to sign up for Medicare when you turn 65, and you’re exempt from penalties. That means way if you want to switch to Medicare after you’re 65, you don’t have to pay a penalty for waiting and you are free to to sign up for Medicare as soon as you are ready to retire. We highly recommend reaching out to us to find out more about Late enrollment and exceptions to delaying or signing up for part B/D at 65. We also consider IRMAA into the equation.
To summarize there are many factors to consider when looking into Medicare enrollment. For example, if you want to retire from your job in St. Louis, Missouri and move to Charlottesville, Virginia we are happy to assess and help you strategize. We help clients all over the country.
