“I tried playing hide and seek in the hospital, but they kept finding me in the ICU.” Jokes aside, Medicare is no laughing matter. Currently, 44 million people—approximately 15% of the U.S. population—are enrolled in this social insurance program. Despite these numbers, there are still many common myths and misconceptions regarding Medicare.
Myth #1: Medicare coverage is free.
Truth: Beneficiaries may pay monthly Medicare premiums along with deductibles, co-insurance, and co-payments for typical medical services.
Myth #2: Medicare covers all medical expenses.
Truth: Medicare covers roughly half of all medical and skilled nursing care expenses for an average Medicare enrollee.
Myth #3: Those with poor health cannot qualify for Medicare.
Truth: Medicare coverage is tied to Social Security coverage. Therefore, individuals that qualify for Social Security retirement or disability benefits will also qualify for Medicare benefits.
Myth #4: Once enrolled in Medicare, your coverage and costs will not change.
Truth: Medicare coverage and costs are subject to change every year.
Medicare Part A (Hospital Insurance) plays a crucial role in covering the costs associated with hospitalization and related services. Hospital expenses are the largest single component of Medicare’s spending, accounting for approximately 40% of the program’s spending.
We hope our debunking of these common Medicare myths has been helpful! If you want to learn more, take a deep dive into our course – “Caring for Your Client: Medicare Part A.” In this course, you’ll take a closer look at home health care, skilled nursing facilities, and hospice care benefits.