4 Medicare Myths You Can't Afford to Fall For

If you're a salaried employee, you may be used to getting subsidized health insurance through your company. Once you retire, you may need to kiss that coverage goodbye.

If you're 65 or older, though, you'll typically be eligible for health coverage through Medicare. But there's a lot to know about Medicare if you're new to it. And it's also important not to buy into false information. With that in mind, here are four myths about Medicare you shouldn't believe.

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1. Coverage is free

A lot of people look forward to enrolling in Medicare so they don't have to worry about paying health insurance premiums. But while Medicare Part A, which covers hospital care, is typically free for enrollees, Part B, which covers outpatient care, charges a monthly premium.

On top of Parts A and B, you'll either need a Part D drug plan or a Medicare Advantage plan, which typically includes prescription coverage. The cost of your Part D or Advantage premiums will hinge on the plan you pick. Some of these plans have $0 premiums, but you won't know until you shop around for a plan that works for you.

2. Medicare will pay for all of the care you need

You might assume that as a Medicare enrollee, you can get all of your health-related needs covered. But there are a number of services that Medicare won't pay for. These include:

• Dental care
• Eye exams
• Hearing aids
• Long-term care

It's worth noting, though, that most Medicare Advantage plans will pay for dental care, eye exams, and hearing aids. On top of that, your Medicare Advantage plan may offer supplemental benefits that run the gamut from meal delivery to a fitness center or gym subsidy.

But regardless of your coverage, you should not expect Medicare to pay for your care in full. Rather, make sure you have room in your retirement budget to cover things like copays, coinsurance, and deductibles.

3. You can't sign up for Medicare if you're not getting Social Security

People who receive Social Security benefits have their Medicare Part B premiums deducted automatically from those monthly payments. But that doesn't mean you need to sign up for Social Security to enroll in Medicare.

Medicare eligibility typically begins at 65, but Social Security's full retirement age for people born in 1960 or later is 67. If you sign up for Social Security at 65, you'll be looking at reduced monthly benefits for life. So rest assured that if you want to enroll in Medicare before starting to receive Social Security benefits, that option absolutely exists.

4. Once you choose a Part D or Advantage plan, you're stuck with it

It's important to put a lot of thought into your Medicare Part D or Advantage plan to set yourself up with good coverage. But that doesn't mean that the plan you enroll in initially is the plan you'll be stuck with forever.

Each year, Medicare runs an open enrollment period that starts on Oct. 15 and ends on Dec. 7. During this time, you can make changes to your Medicare coverage if there's an issue with your current plan, or if you simply want to look around for a better one.

For example, say your Part D drug plan is costing you more money than expected in copays. There's no reason not to look for a different Part D plan during open enrollment that places your prescriptions in a less expensive tier, leaving you with lower costs.

The more you know about Medicare before you enroll, the easier it might be to take care of your health while managing the costs of doing so. Make a point to read up on Medicare so you don't end up buying into false information.

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