Tags: Medicare | Myths | insurance | facts | Medicare Insurance Myths | Truths about Medicare | Medicare andMedicaid Myths

5 Myths About Medicare

Wednesday, 08 Dec 2010 01:57 PM

Here are the five biggest Medicare insurance myths that a person should understand in order to benefit from the Medicare system:
  1. Medicare Insurance is a part of the Social Security Administration: One of the biggest Medicare myths is the general consensus that Medicare is administered by the Social Security Administration. Although this information is partly correct as Medicare benefits are authorized by the Social Security Act, it is administered by the federal agency Centers for Medicare and Medicaid Services (CMS). The only association of Medicare and Social Security Administration is the fact that SSA helps in enrolling seniors in the Medicare program when they reach the age of 65. medicare medicate facts myths
  2. Medicare and Retirement: The truth about Medicare and retirement is that it does not matter if you take early or late retirement, which may not coincide with your 65th birthday. You can start benefitting from your Medicaid plan by the time you are 65. Unfortunately, most people do not understand this, and think that they are eligible for Medicare only when they start receiving their social security benefits, which is not true.
  3. Medicaid covers the health care finances for seniors while Medicare can be used for everyone else: Before understanding the veracity of these Medicare and Medicaid myths, it is important for the meaning of Medicare to be clarified. Medicare covers all seniors who are above the age of 65, while those seniors who are unable to cover or afford their coinsurance, premiums, and other deductibles get aid in the form of Medicaid. Medicaid is also used to provide health care aid to women and children in the low-income group.
  4. Health Insurances other than Medicare are just there to fill in the gaps for Medicare: This is a very common Medicare myth. There are a number of insurance policies that are primary and used instead of Medicare in the time of emergency. These may include health insurance benefits provided by employers for seniors, employee compensation benefits, etc. If these primary insurances are not available, the main insurance that is taken into account would be Medicare.
  5. Medicare has limits for the days that a person can be hospitalized: Although this Medicare myth is widely believed, it is not entirely true. Medicare insurance does not restrict or specify a time limit for hospitalization, but allows physicians to give their qualified opinion on this matter.

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