Medicare is an essential program, but there are many myths surrounding its benefits and enrollment. Let's debunk six common myths so you can navigate Medicare with confidence.

Myth 1: Medicare is Free

While it's true that Medicare Part A is generally premium-free if you've paid Medicare taxes while working, Parts B and D come with their own monthly premiums. It's important to budget for these costs and understand what each part covers.

Myth 2: Medicare Covers Everything

Medicare is comprehensive, yet it doesn't cover everything. For example, routine dental, vision, and hearing care are not included. Knowing what's covered and what's not can help you plan for any additional out-of-pocket expenses.

Myth 3: You're Automatically Enrolled in Medicare at 65

Contrary to popular belief, automatic enrollment only applies if you're already receiving Social Security benefits. If not, you'll need to sign up during your initial enrollment period to avoid potential late penalties.

Myth 4: Medicare Covers Long-Term Care

Medicare's coverage for long-term care is very limited, typically only covering short-term stays in skilled nursing facilities following hospital discharge. Long-term custodial care usually requires other planning and resources.

Myth 5: You Can Enroll in Medicare Anytime After Turning 65

Delaying enrollment can result in late penalties. Ensure you enroll during your initial enrollment period, which begins three months before you turn 65 and extends three months after your birthday month, to avoid unnecessary fees.

Myth 6: Medicare Advantage and Medigap Are the Same

Though both offer additional coverage, Medicare Advantage is an alternative to Original Medicare provided by private companies, while Medigap, or Medicare Supplement Insurance, is used alongside Traditional Medicare to help pay additional costs. Understanding these differences is crucial for making well-informed choices.

Arming yourself with the facts about Medicare ensures that you can access the benefits you need and avoid costly misconceptions.