44 million people in the United States are enrolled in Medicare. That number is going to grow steadily as the country's senior population swells all the way until the year 2060.
If you're coming up on the age of 65 and would like to partake in the Medicare program, it's imperative that you have a good grasp on facts and benefits of Medicare so that you can set your expectations accordingly.
Therein lies the purpose of this post.
Below, our team shares Medicare details that you need to know in order to get the most out of your coverage.
1. Medicare Is Cheaper When You Enroll on Time
Did you know that for every year after 65-years-old that you wait to enroll in Medicare, your premiums could go up by 10%? It's true!
This price hike is completely avoidable if you simply enroll in the program 3-months before your birthday, during the month of your birthday or 3-months after your birthday.
Bottom line - Do not delay enrolling in Medicare if you're planning on leveraging its benefits at any period in your life.
2. Medicare Plans Are Flexible
Medicare has different "parts".
Standard Medicare (parts A and B) will provide coverage for your doctor and hospital visits. Medicare part D will provide coverage for your prescription medications.
While Medicare coverage is helpful for those who hold it, it's important to note that it's not comprehensive. If your treatments go over your insurance coverage, you'll be forced to pay out of pocket.
To avoid that, invest in Medicare part C (an Advantage Plan) which will provide extra protection in the event of serious medical cases that could otherwise bankrupt you.
3. Medicare Doesn't Solve Your Retirement Home Problems
Many people wonder if Medicare will help subsidize their living in a retirement community. The short answer is that it won't.
You can learn more about how Medicare works with (and doesn't work with) Continuing Care Retirement Communities since there are a number of details surrounding their relationship. On the whole, though, expect that you'll need help via private assets or separate programs in order to enjoy senior community living facilities.
4. Medicare Isn't Free
One of the biggest misnomers that we'd like to set straight via these facts and benefits of Medicare is the perception that Medicare is 100% free. For many, it's not.
While Medicare part A is free for most, parts B, C and D do cost the majority of plan holders money on a monthly basis. Some of those premiums are hundreds of dollars per month.
You'll have to apply for coverage and disclose your income details to know for sure how much Medicare will cost you.
Our Final Thoughts on the Facts and Benefits of Medicare
The facts and benefits of Medicare often don't align with people's perception of the program. We hope that our write-up has helped to set the record straight for you and that you now feel confident picking up your coverage!
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