Medicare can be a great resource for people who are nearing retirement or are having difficulty either affording regular health insurance plans or even having difficulty working at all. But there are a lot of assumptions about Medicare that you need to look out for. If you make mistakes in your health insurance process, it can spell trouble for both you and your family.
Let’s dispel some Medicare myths!
Getting Medicare is simple
If only! Because it’s a health insurance plan, a lot of people assume that it’s going to be, well, like getting other types of health insurance. At the very least, they imagine it will be akin to something like car insurance or home insurance. But getting sorted out with Medicare is a lot more like filing taxes than getting other types of insurance, and is usually a lot more complex than that. It really is advised that you seek expert assistance when it comes to signing up to Medicare. There are several types of plan you can look into, and the wrong one might not get you what you need.
Medicare is always better than an employer plan
There’s this idea that, because Medicare covers 80% of your medical expenses, that an employer’s health insurance plan is always going to be worse. But this isn’t necessarily true. The problem here is that Medicare doesn’t have a limit when it comes to how much out of pocket spending you’re going to have to cough up. So let’s say you get landed with a medical bill of $50,000. Medicare will cover $40,000 of it, but you’ll still end up liable for roughly $10,000. If the bill is $100,000, you’ll pay $20,000. And so on and so forth. Without a cap, you could still end up paying huge amounts. Employer plans actually do often come with spending caps.
Medicare will cover all types of medical expenses
This isn’t true! When you take into account all the medical and skilled nursing care types that one can receive from the U.S. healthcare system, Medicare will cover about half of them. Long-term care isn’t covered, nor are hearing aids. Cosmetic surgery isn’t covered. And when it comes to dental health, forget it! Dentures, fillings, implants, and even routine dental care is never included. This is why it’s vital that, even with Medicare or even any other kind of health insurance plan, you look into getting yourself full coverage dental insurance.
Prescription drug costs are always low on Medicare
It’s hard to say that prescription drug costs are ever “low” when you’re on Medicare. You certainly get a discount on some prescription drugs, but it’s not usually an awful lot. If a prescription drug is very expensive, it will probably still have a hefty price tag even when you’re on Medicare, though the discount certainly isn’t negligible. But there are several commonly used prescription drugs out there that aren’t discounted at all. The number of drugs that are included in certain plans currently have a temporary limit on them, so there’s also that to consider!