3 Medicare Myths That You Need to Know
Although Medicare helps seniors pay their medical costs, there are some myths that cause people to make costly mistakes. Being well-informed about what Medicare takes care of, as well as its limitations, will help you make better choices during your retirement years. The top Medicare myths revolve around long-term care, the costs of Medicare versus private insurance and drug coverage.
1. Long-Term Care is Covered Under Medicare
One thing that many people are unaware of is the fact that Medicare only pays for rehabilitation care. In the case of long-term care in a nursing home that many seniors need, additional long-term care coverage is necessary. Government sources estimate that a majority of seniors will require long-term care, making the need for appropriate solutions important.
2. Medicare is Always Less Expensive Than Private Insurance
You may find that the cost of switching to Medicare is higher than the premiums you paid if you worked for some large companies. Another thing to remember is that Medicare doesn’t pay for all types of care. If you choose an Advantage program, the additional coverage may vary depending on your plan.
3. Your Drug Coverage Costs Are Lower
This is one of the Medicare myths that causes a lot of confusion. Whether you’ll enjoy lower costs depends on what sort of Part D plan you have. The drugs you take and the pharmacy you use play a major role in costs.
Schumacher Insurance Agency offers convenient plans for New Jersey residents. Contact us to learn more about how we can help you in your retirement.