The top 7 questions people have about Medicare

We are living during a time when more people than ever before are navigating through retirement and all the questions that go with it. Approximately 365,000 Baby Boomers will turn 65 in 2019. If you’re 65 or close to it, then you hopefully understand that this milestone year marks the beginning of an important new retirement benefit — Medicare.

Medicare has been providing health insurance to people age 65 and older since 1965. Despite the fact that this government program has been around for more than 54 years, Medicare carries with it a series of misconceptions that demand some attention.

In a personal poll of my clients over the last two decades, healthcare has always been at the top of their retirement related concerns. If you can relate, Medicare is definitely something you’ll want to take some time to educate yourself about.

Here’s a list of the top 7 questions that people ask me about Medicare:

• Is Medicare free? Not entirely. While Medicare Part A has no premium assuming you’ve earned 40 work credits throughout your lifetime; many other areas of your care will have an associated cost.

Medicare Part B and Part D will most likely require you to pay a monthly premium. And it does not stop there. In addition to your premiums, Medicare recipients should also expect deductibles and other outof-pocket costs.

• Is there an annual out-ofpocket limit with basic Medicare coverage? No. That means retirees are often responsible for about 20% of their medical expenses. With these types of numbers, it should come as no surprise that some retirees today believe that medical expenses are the number one threat to their retirement savings.

• Does Medicare cover dental, vision, or hearing care? No. Medicare operates according to a list of necessary and elective services. These areas of care are not considered necessary. Therefore, you’re likely going to be responsible for glasses, hearing aids, dental work, etc. unless you have other coverage.

• Will Medicare cover any health needs outside of the country? No. Many retirees I speak with today have traveling on their bucket list in retirement; however, Medicare does not cover any out-of-the-country medical care. Therefore, if overseas travel is on your agenda you may want to consider a supplemental health insurance plan.

• Will Medicare cover any in home care? No. Some people I’ve talked with over the years have falsely believed that Medicare will cover a caregiver who assists with basic needs associated with aging — things like bathing, dressing, and eating. Sadly,

Tom Kalejta