5 Important Medicare Facts You Likely Had No Idea About

Medicare Form

Medicare enrollment is on the up and up. In fact, an AARP report projects that enrollment in Medicare should hit 79 million people by 2030. Yet, only 1 in 10 Medicare members use Medicare insurance alone.

Despite that Medicare has been around since 1966, most people don’t know the Medicare facts that explain why members need extra coverage. There seems to be a common misconception that Medicare is free for enrollees.

Today, we want to clear up this misconception. That way, you or your loved one can feel totally prepared when it’s time to enroll in Medicare.

Are you ready to learn more about Medicare? Then keep reading to get the top five facts about Medicare you need to know.

1. Medicare Enrollment is Rising

15% of the US population is currently enrolled in a Medicare plan. Considering that the majority of baby boomers are 65 or older by now, it’s no wonder.

The elderly population in the US has skyrocketed since the early 2000s. There are more than 46 million adults aged 65+ in the US. And by the year 2050, that number is expected to almost double to 90 million elderly adults.

2. Average Cost Per Medicare Member is Declining

The total cost burden for Medicare is rising. Yet, as more adults hit 65 and enroll in Medicare, that cost is getting spread across a larger patient pool.

Since 2009, the per person cost of Medicare has leveled off from its sharp rise in previous years. Even better, the amount members spend on Medicare is declining for Part A and Part D Medicare.

3. Medicare Doesn’t Cover Everything

When you enroll in Medicare, odds are there will be gaps. That means you’ll have Medicare out of pocket costs. For example, most Medicare plans don’t cover:

  • Vision and dental
  • Routine foot care
  • Hearing aids

Medicare patients have to pay for these services out of pocket. Otherwise, they have to take advantage of a gap plan like Medigap.

4. Original Medicare isn’t Valid Outside the US

Did you know Medicare doesn’t travel with you? Original Medicare is only applicable to healthcare systems inside the US and its territories. The only exception is for Medicare members traveling from Alaska to the US through Canada.

Otherwise, Medicare members will have to pay for an additional travel medical insurance when abroad. Many Medigap plans do cover 80% of the cost for healthcare services received abroad.

5. Medicare Recipients Often Need Secondary Insurance

As you can see, there are many services and instances where Medicare won’t have members covered.

In addition to traveling and services like vision and dental, Medicare doesn’t cover long-term care. That includes care received at a nursing home (outpatient) or long-term care at a hospital (inpatient).

Do These Medicare Facts Surprise You?

These five Medicare facts may be surprising if you thought Medicare plans were free. Per-person Medicare costs may be on the decline due to a rising elderly population. But that may not matter when Medicare plans don’t cover everything members need.

Did you enjoy learning about these little-known Medicare facts? Want more articles like this one? Then keep checking back every day for new posts!