Millions of baby boomers are currently enrolling in Medicare starting next year, which means that it's also a good time to be aware of the important aspects of the insurance program so that one has a healthy and happy retirement living.
One of the biggest misconceptions about Medicare is that it's free. No matter what plan one selects, there will be co-pays and deductibles.
Many beneficiaries will also pay monthly premiums, SecondAct.com reports.
"Plain old traditional Medicare has a 20 percent co-insurance as well as hospital and outpatient deducts," Alan Canton of A.N. Canton Insurance told the news source. "No one gets it until they get their first bill and they say 'Huh?'"
The enrollment process itself also takes some time. Canton suggests that older adults should subscribe to Medicare as soon as possible, instead of waiting for an emergency. Waiting too long can carry a penalty.
The New York Times states that Medicare also only covers some of the cost of services such as skilled nursing care and also won't cover the entire cost of an assisted living facility. This means that seniors should start saving for these investments as soon as possible.