3 Medicare Myths You Need To Know
Medicare is a federal health insurance program that pays for a variety of health care expenses for people over the age of 65, certain younger people with disabilities, and people with end-stage renal failure. However, there are a lot of misconceptions about Medicare, and it can become quickly confusing – especially if you are new to these programs.
To put it simply, Medicare plans consist of four main parts:
- Medicare Part A – Covers inpatient hospital stays and other services like nursing facilities
- Medicare Part B – Covers medical expenses such as doctor’s visits and outpatient hospital care
- Medicare Part C – Also known as Medicare Advantage, Medicare Part C provides supplemental health plans with the help of private insurance companies, health maintenance organizations (HMOs), or preferred provider organizations (PPOs) to provide preventive care or special health services
- Medicare Part D – Optional prescription drug coverage set up through a private insurance company.
Health insurance coverage can be difficult to understand, particularly with new federal healthcare regulations included in the Affordable Care Act (ACA) and other policies outlined in private programs. Many myths surrounding medicare are tied to the ACA and what could happen to seniors who are signed up for the program. Here’s a look at three common myths you need to know:
MYTH #1: Seniors on Medicare must buy more health insurance.
TRUTH: If you have insurance set up through Medicare, you do not need to buy more insurance to prove that you have insurance to the federal government. Medicare, including Medicare related insurance plans such as Medigap and Medicare Advantage Part C, count as minimum essential coverage.
MYTH #2: Seniors on Medicare will pay more for their prescriptions.
TRUTH: You can save money on brand-name drugs. If you’re in what is called the “donut hole,” you’ll also get a 55 percent discount when buying Medicare Part D-covered brand-name prescription drugs. Drug costs will actually go down for the vast majority of seniors on Medicare.
MYTH #3: Seniors on Medicare will not be able to see their doctors.
TRUTH: Most Medicare patients will not have trouble finding doctors who will see them, and many will be able to continue to use the doctor they already see.
Rules regarding Medicare change often, possibly every year. Open enrollment for Medicare begins October 15, 2016. Our goal here at NIBC, representing major national insurance companies, is to provide “First Class Service” to our clients along the way. If you have questions concerning Medicare, such as combined insurance medicare supplement plans or the benefits of national insurance provider coverage, contact us today!