While some people nearing their eligibility age believe there's no cost for coverage, Medicare, in fact, comes with a variety of expenses, including premiums, copays and deductibles.
If you don’t sign up when first eligible and don’t have qualifying coverage elsewhere, you’ll pay life-long penalties for enrolling late.After paying into Medicare through payroll withholdings at work for many years, some people approach their eligibility age of 65 with a misconception that their coverage will be free.
"I'd say a full third of people we talk to, who are just starting to do their research, are surprised — some are appalled and flabbergasted — that they have to pay anything for Medicare," said Danielle Roberts, co-founder of insurance firm Boomer Benefits in Fort Worth, Texas."The 'Medicare for all' conversation might contribute to that, because consumers hear 'free, free, free' and assume Medicare is already free," she said.
Each day, about 10,000 baby boomers turn 65. Fidelity Investments estimates that the average male-female couple willAnd, that's just a starting point. Things that are not covered by Medicare — dental, basic vision, over-the-counter medicines, long-term care — would be on top of that.
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