The words “Medicare” and “Medicaid” are so much alike that it’s easy to get confused. To add to the confusion, both are government programs that help people pay for health care. But that’s where the similarities end.
Many people today have either started their own business or ventured into the workforce as a freelancer or contractor. If you’re self-employed and are about to enroll in Medicare, you may not be aware how self-employment impacts your Medicare choices. And in some cases, you could actually gain some tax benefits as a self-employed individual.
Today, it’s not uncommon for people who leave the workforce around Medicare eligibility age (age 65) to return to work later on. In fact, it’s estimated that by 2026 about 30 percent of people ages 65 through 75, and 11 percent of people 75 and older, will be working. Maybe it’s a passionate side-gig, a part-time job or you’ve gone back full-time. In any case, when you go back to work, what does that mean for your Medicare coverage?
Medicare fraud can be big business for fraudsters and a big problem for taxpayers. And emergent health crises, such as the one around COVID-19, may create environments prime for scammers to take advantage of unsuspecting people.
If you’re planning to retire in 2020, there are some things to know about Medicare enrollment. Depending on which situation you best match below, you have some options to think about. Read through a quick list of things everyone should know about Medicare and then find the situation that best matches you.
In 2018, a Nationwide Retirement Institute survey found that despite nearly 86 percent of older adults being enrolled – or planning to enroll – in Medicare, a whopping 72 percent wish they had a better understanding of Medicare coverage. The study further found the following as misconceptions that people have about Medicare:
Sometimes life happens. Maybe you got a new job, or you’re retiring, or you wish to be closer to your family. No matter why, if you’re moving and have Medicare coverage, you may qualify for a unique Special Enrollment Period when you can make some changes.
If you’re like most people, you don’t pay a monthly premium for your Medicare Part A. However, if you have Medicare Part B and you are receiving Social Security or Railroad Retirement Board benefits, your Medicare Part B premium is usually deducted from your monthly benefit payment.
Prescription drugs can take a big bite out of your budget. Your Medicare prescription drug plan may offer cost-saving benefits that you may not be aware of. Also, some pharmacies offer discount programs or savings on 60- or 90-day refills.