Here’s the main four myths about Medicare. It’s been around since 1965, when LBJ signed the H.R. 6675 act in Independence, Missouri. During the Medicare initiation ceremony, Former President Truman was issued the very first Medicare card.
According to the National Academy of Social Insurance, only about half of elderly U.S. residents had health insurance at the time Medicare was enacted. Even though Medicare has been around for 60 years, myths about Medicare continue.
Myth #1: Seniors living longer will bankrupt Medicare.
Today, it seems like living to an older age is an inconvenience to society, as the cost of caring for the elderly has continued to be a major concern. However, new studies show that end-of-life care costs have been dropping dramatically over the past decade. The biggest expenses that people incur with age are long-term care in a nursing home, assisted living facility care or at-home (custodial) care, and those services are not largely covered under Medicare. The myth is that the older people get, the more ill they become. The fact is that seniors living longer is actually saving Medicare money.
Myth #2: Medicare covers assisted living and home (custodial) care.
Many seniors think Medicare is the solution for all their health care needs, unfortunately this is not the case. There are many holes in Medicare coverage. This is one of the biggest: Medicare will cover some skilled nursing facility care, nursing home care (only if it is not exclusively for custodial care) and some home health services. The fact is that Medicare does not cover assisted living or custodial care. In fact, Medicare has a whole list of expenses Parts A and B don’t cover.
Myth #3: You can’t get Medicare if you never worked.
A person will need around 10 years of full-work employment to qualify for premium free Medicare Part A. If you are a stay-at-home mom (or dad) who has not accumulated the required 40 quarters of employment, not to worry: Medicare allows homemakers to obtain no-charge Medicare Part A coverage based on the work record of their spouses. As with mostly everything in Medicare, there are stipulations. You will need to be 65 or older, and the working spouse will need to be at least 62. Depending on the number of years worked, you could pay between $285-$518 a month for Medicare Part A. Once the needed work hours are met, you no longer need to pay a premium for Part A. Part A is the only part of Medicare that has to do with how long you have worked.
Myth # 4: Medicare costs the same amount for everyone.
Most folks will obtain premium free Part A, and Part B costs start at $185 per month in 2025. There are some who will need to pay a Part A premium based on their work history. Additionally, some with an annual income above the minimum threshold, will need to take into consideration the surcharge of Income-related Monthly Adjustment Amount (IRMAA). We can discuss this as there are ways to file a dispute.
If you decide to get a Medicare Supplement Plan this will also affect the cost of your overall health coverage, but it is well worth the money. Also, the Part D prescription drug coverage has a premium that varies with each person, company and location. There are so many options for Medicare that the cost of coverage can vary considerably from person to person.
Just the Facts
The truth is that there will always be myths. False information is spread throughout social media every day, so be aware of the source. Fact-checking is extremely important, especially when it comes to health care. Understanding the language of Medicare can be complicated, and you deserve to know the facts, and I’m happy to navigate you through the process.
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