5 Medicare Surprises That Could Wreck Your Retirement
Millions of seniors rely on Medicare for health coverage, but misunderstanding how the program works could make for a financially rocky retirement. Here are a few aspects of the program that tend to catch retirees off guard.
Many people don't realize that Medicare is not free healthcare. Though Part A, which covers hospital visits, is generally free for enrollees (meaning, there's no premium to pay for it), Part B, which covers outpatient care, charges a monthly premium that usually increases from year to year. In addition to paying for Part B, you'll need to factor in the cost of a Part D drug plan and supplemental insurance (Medigap). Or, you might opt for Medicare Advantage instead, which could come with a premium of its own. Either way, plan on paying for the privilege of enrolling in Medicare.
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Source Fool.com
