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Our Experienced and Accessible Financial Advisors Help Seniors Nationwide Distinguish Medicare Myths From Facts and Secure Suitable Health Coverage


Navigating Medicare’s complexities can be daunting for many people approaching retirement age. With so much misinformation circulating, separating Medicare myths from facts is crucial to making informed decisions about your health care coverage. At Leonard Financial Solutions, our experienced, patient, and compassionate New Jersey financial advisors guide seniors through Medicare options and enrollment, ensuring you have the information and support needed to obtain coverage that meets your needs. Schedule a free consultation to discover how we can assist you.

Get the Facts on Common Medicare Myths

Medicare myths are everywhere, and falling for them can delay your health care coverage or increase costs. Here, we explore some of the myths we encounter most frequently when working with clients planning for retirement.

Myth: Medicare Is Free for Everyone

While Medicare Part A, or hospital insurance, is free for most beneficiaries, Part B, or medical insurance, requires you to pay monthly premiums. Additionally, you can face out-of-pocket costs for more comprehensive services and prescription drugs, making it essential to budget accordingly.

Myth: Medicare Covers All Health Care Expenses

Though Medicare covers wide-ranging medical services, it doesn’t cover everything. For example, elective and alternative services like cosmetic surgery and acupuncture, as well as most dental care, aren’t covered. Understanding what Medicare does—and doesn’t--cover can help you plan for potential out-of-pocket expenses.

Myth: You Get Medicare Automatically When You Turn 65

While many people become eligible for Medicare when they turn 65, enrollment in the health insurance program isn’t automatic unless you’re already receiving Social Security benefits. If you aren’t getting benefits, you must sign up for Medicare during your Initial Enrollment Period to avoid potential late enrollment penalties. This seven-month period begins three months before your 65th birthday, includes your birth month, and continues for an additional three months after your birth month.

Myth: Medicare Covers Long-Term Care Like Nursing Home Stays

Though Medicare provides limited coverage for skilled nursing facility care following a hospital stay, it does not cover long-term or custodial care in nursing homes. Planning for long-term care expenses is essential to avoiding future financial strain. Fortunately, our financial advisors can help you explore retirement investment options, including fixed-indexed annuity plans.

Myth: Medicare Covers All Prescription Medications

While Medicare Part D provides prescription drug coverage, not all medications are covered. Each plan has a dedicated formulary—or a list of covered drugs—and costs can vary depending on your chosen plan. Reviewing your medication needs annually during the Open Enrollment Period can help ensure you have the most cost-effective coverage. Open Enrollment runs from October 15th to December 7th each year.

Myth: You Can’t Change Your Medicare Plan Once You’ve Selected It

Medicare beneficiaries can review and make changes to their coverage during the Annual Enrollment Period. Also called Open Enrollment, the Annual Enrollment Period, from October 15th to December 7th, gives beneficiaries the opportunity to modify an existing Medicare Advantage and/or Part D prescription drug plan.

Myth: You Don’t Need Medicare if You Have Employer-Sponsored Health Insurance After 65

If you’re still working and have employer-sponsored health coverage after age 65, you might not need to enroll in Medicare right away. However, understanding how your employer coverage works with Medicare and when you need to enroll is essential to avoiding costly late enrollment penalties. Find out how our adept financial advisors can assist you.

Myth: Medicare Covers Comprehensive Dental, Vision, and Hearing Services

Original Medicare (Parts A and B) doesn’t cover routine dental, vision, or hearing care. Some Medicare Advantage plans might include benefits for these additional services. Understanding your coverage options helps ensure you have the care you need to thrive. 

At Leonard Financial Solutions, our seasoned financial advisors are here to help you make sense of Medicare, explore your options, and navigate the program’s complexities to secure the most appropriate coverage for your health care needs.

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