Many people have a common misconception that, since they paid social security taxes during their working years, their Medicare benefits are fully covered. As people begin to plan for retirement when their income is reduced and medical expenses may increase, they are disappointed to learn that Medicare is not free and in fact, it has premiums and deductibles and financial penalties for non-compliance with enrollment requirements.
They are also surprised to learn that:
- Medicare was never intended to be a comprehensive insurance plan
- Only 80% of allowable expenses are paid
- There is no coverage when traveling out of the country
- There are no hearing aid or eyewear benefits at a time when they are most needed
If you earn an income of $85,000 or less,Read More