Though more than 46 million senior citizens and disabled individuals rely on Medicare's web of health benefits, there tends to be a great deal of confusion concerning how Medicare operates and state eligibility. One report, for example, points out that while the age to collect full Social Security benefits is increasing to 67, Medicare eligibility still begins at 65 years of age.
Here are a handful of other Medicare myths.
Medicare is similar to private health insurance. Well, not really. Private insurance carriers can reject individuals' coverage (though that will be moot if the Affordable Care Act holds together over the next handful of years). Individuals won't have to pay higher premiums if they become ill. But those who earn a lot of money will pay a premium surcharge for Medicare Part B (doctors' visits and outpatient services) and Part D (prescription drug costs).
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Medicare offers free/cheap health care. Yes, to an extent. As of this year, thanks to the ACA, beneficiaries can receive annual wellness check-ups at no charge and are eligible for free preventative screenings, such as colonoscopies and mammograms. Furthermore, Medicare Part A (in-patient hospital services) doesn't require premiums, either.
But go beyond these two factors, and you will find premiums, co-payments and deductibles, depending on which Medicare is involved. For example, new Medicare beneficiaries will pay $115.40 a month – but those earning more than $85,000 ($170,000 for married couples filing jointly) will pay more.
Medicare covers everything. Everything healthcare, that is – as long as the healthcare is in the United States (it doesn't cover the health of those traveling outside the U.S.). Traditional Medicare also doesn't cover routine dental care, eye care, hearing aids or custodial long-term care. These latter services are covered by Medicare Advantage plans, which are run by private insurers. Medigap is also available to cover things like co-pays and deductibles.
Individuals can sign up for Medicare at any time. As with anything Medicare, the truth is a little more complex. Signing up depends on whether the individual is still employed, whether dependent sources are involved, how much coverage employer's insurance covers and so on. To know when to sign up, it's best to check with your human resources department, the Social Security Administration, state insurance assistance program or Medicare (1-800-MEDICARE).
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