Are You Falling for These 9 Medicare Myths?

The United States may still be the only industrialized nation without universal healthcare, but we do have a pay-as-you-go system in Medicare. Although Medicare currently provides some level of health insurance to over 67 million people, it's not always an easy program to understand.

Here, we'll cover some of the most common Medicare myths, the parts that tend to leave patients frustrated.

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1. Medicare is free

Learning this is a myth can come as a disappointment to soon-to-be retirees who don't realize how much they would need to pay for healthcare. Like many myths, it was born from a kernel of truth. The truth is that most people won't have to pay a premium for Medicare Part A.

However, if you sign up for Part B, you'll pay a monthly premium. You may also be responsible for other expenses, including deductibles, copays, coinsurance, and prescription drugs.

2. Medicare covers all medical-related expenses

The following is a quick run-down of what each part of Medicare covers.

• Part A: Expenses related to hospital care
• Part B: Doctor visits and procedures that don't require an overnight stay in the hospital
• Part C: May include "extras," such as routine dental care, vision and hearing services, prescription drug coverage, and special perks like fitness classes
• Part D: Provides prescription drug benefits

In short, original Medicare (Part A and B) doesn't cover all medical costs, such as vision, hearing, or routine dental care. It also doesn't cover long-term care. You may need a combination of plans to cover the needs that concern you most.

3. Medicare Part D means I'll always pay the same amount for my medications

Part D can help you pay for your prescription medications. However, prices will vary depending on factors such as which pharmacy you use, which Medicare plan you're enrolled in, and the stage of coverage you're in.

4. Medicare is part of Social Security

Medicare and Social Security are two very separate programs, although each is run by the government. President Franklin D. Roosevelt signed the Social Security Act back in 1935, and Medicare was established in 1965 under President Lyndon B. Johnson.

5. Medicare won't cover me because I'm in poor health

Medicare cannot deny you coverage or charge higher premiums based on the health issues you have faced or are currently facing.

6. Medigap and Medicare Advantage are the same thing

While the names can be confusing, Medigap and Medicare Advantage serve different purposes. A Medigap policy supplements original Medicare. Medicare Advantage replaces original Medicare with a different structure.

7. I'll be locked into my plan forever

No matter how intimidating signing up for Medicare the first time may feel, you're not married to the first plan you choose. You are free to change plans during open enrollment periods if the one you have isn't working for you.

8. I can sign up for Medicare any time I want

The initial enrollment period begins three months before you turn 65 and ends three months later.

9. Signing up is a hassle

Nothing could be further from the truth. Signing up for Medicare is as easy as filling out an online form and waiting to hear your application has been accepted and you're ready to go.

The more you learn about Medicare, the more you may like the way you can mix and match plans and services to come up with a healthcare plan that works for you. It's all about wading through your options.

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