What you don’t know can hurt and cost you money. It’s hard to believe, at least for me, that anyone thinks Medicare is free. Not only is Medicare not free, it’s quite expensive. Part B starts at $134 and goes up from their based on the beneficiary’s income. Part D has income based premiums as well.
Millions of seniors depend on Medicare to cover their health-related needs during retirement. But there’s a lot of confusion surrounding this crucial program, and it could end up hurting future retirees financially.
In fact, 72% of older adults say they wish they better understood how Medicare works, according to a new study by the Nationwide Retirement Institute, and if they don’t get their facts straight, they’re apt to pay for it later.Medicare isn’t freeMedicare has several distinct parts. Part A covers hospital visits, Part B covers diagnostics and preventive care, and Part D covers prescription drugs. While Part A is usually free for enrollees, Parts B and D come at a premium.
Yet in the aforementioned survey, 53% of respondents didn’t know that Part B isn’t free.