Here is a list of some of the most common questions and misconceptions we hear and the answers to debunk the myths. Let’s see if any of these surprise you or if you are already a Medicare master!
Answer: False. To many Baby Boomers’ surprise, having employer insurance at age 65 and beyond does not automatically mean you do not need Medicare. Oftentimes, you can even save money by coming off your employer coverage and enrolling in Medicare.
Additionally, failing to fully understand how the rules apply to your unique situation and take the necessary steps can result in expensive penalties when you do sign up for Medicare that stay with you your whole life.
Answer: False. With employer insurance (also referred to as group insurance), it is very common for you to be able to get health care coverage for you, your spouse and even dependents.
However, Medicare plans are part of the “individual market,” meaning these policies are intended to cover individuals. So, when you go to retire, if your spouse relies on you for health insurance, you may need to take a look at health plan strategies for both of you.
Answer: Many people think Medicare is free. Unfortunately, it is not. In fact, some studies cite that in general, Medicare will cover about 60% of your health care costs in retirement. What’s more, Medicare coverage includes costs of its own through premiums, coinsurance, deductibles and more.
Have questions about any of the information we covered here? Reach out to our team of trusted advisors for answers! Call 855.465.2773 or email advice@retiremed.com today!
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