This week I will discuss a few myths surrounding Medicare and Medicare Supplements

Myth#1  The thought that Medicare is free. 

Part A coverage on Original Medicare is free for most people but Part B will have a premium and as will Part D for prescription drugs, any Medicare Supplement and Medicare Advantage.

Myth#2  There are no deductibles. 

Part A and B both have deductibles, if you want your deductible covered you will need to purchase a supplement plan.  The supplement plan will also cover coinsurance, and other excess charges.

Myth#3  Enrollment is automatic at age 65. 

True for Part A, but for Part B and Part D and for any supplement you must enroll.

Myth#4  I can enroll or change plans anytime. 

Nope, you may have penalties for not enrolling during the proper time at age 65.  There are also annual enrollment periods if you want to change Medicare Advantage plans and a special enrollment period for certain life changes that may have taken place. 

Myth#5  Medicare Supplements are expensive.

With Medicare Supplements, you pay a monthly premium in addition to Part B, but your out-of-pocket costs are low. Co-pays, co-insurance, and deductibles are usually covered. There are no network restrictions and coverage travels with you.   

Medicare Advantage is a good choice for limited budgets.  You pay little to no monthly premium in addition to Part B but you will pay co-pays, co-insurance, and deductibles.  It offers Part A, Part B, and prescription drug coverage.  But it limits you to a network of doctors and providers and going outside the network can cost you more money in the long run. 

It all comes down to whether you want to pay now or pay later.

As always, it’s best to contact your agent to discuss the different plans and options available.  They will walk you through the process and help you decide which plan works best for you.

-Nancy Zimbardi-