With all the information out there about Medicare Benefits, it’s easy to be confused, or even misinformed. It’s vital for those who are eligible for Medicare to understand the details about this long-standing, much needed program. The following are a few common Medicare misconceptions and the facts recipients need to set them straight.

Myth #1: Medicare Covers Everything

It is possible for Medicare recipients to piece together coverage that will imitate employer-sponsored health insurance, however there are differences in coverage depending on whether you have Medicare A, B, or D. For example, Part A pays for in-patient hospitalization or skilled nursing, but only after a deductible has been met, and only if the hospitalization requires staying for “two midnights.” Most people are automatically enrolled in Medicare Part B, which covers outpatient healthcare costs.  Please see our previous blog post describing the features of each.

Myth #2: Medicare is Going Bankrupt

There have been significant concerns about this, especially with the progression of the ACA. The belief is that since more employees will retire than join the labor force in the coming decades while healthcare costs increase, the amount of money in the Hospital Insurance Trust Fund is expected to peak in 2019 and then drop from $204 billion to $124 billion by 2025. Rather than being Medicare’s undoing, however, healthcare experts believe that the change will be in how Medicare Part A pays for healthcare services, or in payroll taxes.

Myth #3: Medicare is Unnecessary

Medicare is expected to remain a critical program for retirees as baby boomers are living longer and the costs of healthcare continue to climb. Medicare is needed to protect the financial security of millions of senior citizens.

The Future

Regardless of what happens with Medicare, it’s essential that working individuals take the necessary steps to prepare a retirement plan with a savings target that considers their personal and family health history. It’s equally important to factor in the costs associated with Part B and Part D coverage, deductibles, and potential out-of-pocket healthcare expenses.

As we’ve mentioned previously, medical expenses can be astronomical.  If the correct insurance is not in place with sufficient coverage, costs may surprise and overwhelm you.  Not following the eligibility requirements could result in surprise penalties and permanent costs from Medicare.  Call Omaha Insurance Solutions at 402-614-3389 or email us at [email protected] for a free consultation.

What Our Clients Are Saying About Omaha Insurance Solutions

Joe & Myra R.

What an adventure! We started getting ourselves educated about Medicare insurance coverage several years ago – a bit too early, given how things change every year! While we had a foundational knowledge of the basics, it was helpful to work with Chris to fine tune all the nuances and make sure we were enrolling in the plan that best met our needs. Fingers crossed that our retirement and future insurance needs do not present any unwelcomed “surprises”. If that’s the case, we’ll be setting up time with Chris to help us through it!

Lisa G

Thank you Christopher!
You made the whole process of choosing a Medicare supplement easy and less confusing.
I appreciate your knowledge and professionalism. You are a great asset to all of us “young at heart” clients!
I will give your name and number to my eligible Medicare friends.
Thanks again,

Cheryl A.

After I acknowledged that I was nearing Medicare age, I realized I knew nothing about it so I reached out to two very informed friends. They both recommended Chris Grimmond. They praised his knowledge and helpfulness so I gave him a call. After meeting with Chris, I was 100% convinced that we would be working together. He answered all my questions and helped me understand the Medicare system. I feel confident I made the right decision to work with Chris and his team at Omaha Insurance Solutions.