Medicare Myths Busted
Medicare Myths Busted
Retirement planning comes with a lot of misconceptions around the subject of Medicare. Perhaps you’ve heard that Medicare is free, or it will take total care of you once you reach 65. Planning for your future is important, so we want to make you aware of common Medicare myths. If you’re not sure if something you’ve heard about Medicare is true, one of our Licensed Plan Advisors can help explain. Call 1-877-550-3285 (TTY: 711), October 1 through March 31, 7 days a week from 8 a.m. to 8 p.m. and April 1 through September 30, Monday through Friday from 8 a.m. to 8 p.m.
Myth: All Medicare is free.
Fact: Part A, (hospital insurance), might be free if you've worked the minimum number of years. But there’s a monthly premium for Medicare Part B (medical insurance) that starts around $175 a month and can be higher, depending on your income. There could also be other out-of-pocket costs, copayments, coinsurance, and deductibles to consider.
Myth: Medicare covers everything, like prescriptions, dental, vision, hearing, and long-term care.
Fact: Unfortunately, these are not covered, unless you choose a Medicare Advantage or supplemental plan that includes them. You should consider how you'll close those gaps in coverage with the plan you choose. Extra benefits can vary by plan and region.
Myth: I’m automatically enrolled when I turn 65.
Fact: You are not automatically enrolled unless you're already receiving Social Security benefits. For most people, you'll need to sign up during the Initial Enrollment Period that starts three months before your 65th birthday and ends three months after your 65th birthday.
Myth: I can enroll anytime.
Fact: You can only enroll during your initial enrollment period that starts three months before your 65th birthday and end three months after your 65th birthday. You can also switch to a Medicare Advantage plan during different enrollment periods, like the Annual Enrollment Period (October 15th – December 7th every year) or a Special Enrollment Period (you have to have special life circumstances happen to qualify).
Myth: Medicare is just for seniors.
Fact: Many people think you must be 65, but some younger people with certain disabilities or health conditions can also qualify. There are special Medicare Advantage plans designed just for these unique situations. Learn about the types of special needs plans.
Myth: You don't need Parts A and B to enroll in a Medicare supplemental plan.
Fact: You do need both parts.
Myth: Medicare can drop you if you have major health issues or you've made too many claims.
Fact: Rest easy. You cannot be dropped.
Myth: You HAVE to make a change during the Annual Enrollment Period.
Fact: If you are happy with your plan, you don’t need to do anything to keep it as is.
Myth: If you sign up for a Medicare Advantage plan, you'll get your Medicare Part D (prescription drug coverage) premium back from Social Security.
Fact: This instance only applies to certain plans in certain areas of the country, and may also apply if you receive Medicaid.
Myth: Medicare covers long-term care, assisted living or nursing homes, adult day care programs, and daily custodial care, like assistance with daily living activities (eating, bathing, and dressing).
Fact: Medicare may only cover things like a short-term stay in a skilled nursing facility under specific conditions, like recovery after a hospital stay.
Myth: My spouse can be covered under my Medicare plan.
Fact: Each person must sign up individually for their own coverage, either through an employer, individual plan, COBRA insurance, Medicare, or Medicaid.
Myth: My doctor won't take my Medicare Advantage plan.
Fact: If a doctor takes Original Medicare, they probably also take Medicare Advantage plans, but check to see who's in-network. Some Medicare Advantage plans offer a robust network of doctors, like our Sentara Medicare plans.
Myth: Medicare Part D is optional, and not necessary if I’m not taking any prescriptions.
Fact: Enrolling in a Part D (prescription drug coverage) plan when you become eligible for Medicare can help you avoid late enrollment penalties. Everyone should sign up for Medicare Part D. Sentara Medicare offers Medicare Advantage plans that include prescription drug coverage at no extra cost.
Myth: Your income level affects whether you can sign up for Medicare.
Fact: As long as you’re over 65 or on Social Security disability, you can sign up for Medicare, no matter your income level or savings.
Myth: Having COBRA insurance after you retire or leave your job allows you to delay Medicare enrollment.
Fact: Medicare doesn't recognize COBRA as credible insurance, so a delay in signing up for coverage could mean financial penalties. However, if you are eligible to continue your employer’s health plan, it can be recognized as credible insurance. Your employer’s health plan can verify this for you.
Myth: Medicare Advantage plans are expensive.
Fact: Many Medicare Advantage plans, like Sentara Medicare offer $0 premiums, as well as extra benefits like prescription drug coverage, dental, vision, hearing, and an over-the-counter products allowance. Medicare Advantage plans receive money from the government and choose how to allocate the money. You may not pay a premium up front, but may have a copay when you use services. This is especially good for people who don't use a lot of services.
Myth: Everyone who has Medicare is entitled to a flex card with free money.
Fact: Only certain Medicare Advantage plans in certain areas offer flex cards, and the benefits for each vary widely. Sentara Medicare has plans that include a prepaid flex card you can use for groceries if you have a qualifying chronic condition and over-the counter-products. You can also earn rewards on your flex card for completing healthy activities when you sign up for a Sentara Medicare plan. You can use your Healthy Rewards amount toward utilities, or anything that accepts debit cards, except alcohol and tobacco products.
If you want to hear more about Sentara Medicare, call us today! A Licensed Plan Advisor would be happy to spend time with you to answer your questions.
1-877-550-3285 (TTY: 711)
October 1–March 31 | 7 days a week | 8 a.m.–8 p.m.
April 1–September 30 | Monday–Friday | 8 a.m.–8 p.m.
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