Medicare: This "Gotcha" Can Cost You Thousands
Medicare covers tens of millions of Americans, most of whom are 65 or older. Because 65 is the earliest age at which most people can claim Medicare benefits, a lot of people believe they don't really have to think about Medicare until they're within a month or two of reaching that key age. Indeed, with early Social Security recipients getting automatically enrolled in Medicare, it's tempting to think you can just leave everything about the program on autopilot.
Unfortunately, a number of older Americans have found out the hard way that early planning for Medicare is essential. In particular, by being aware of one rule that emphasizes what people do before they're eligible for Medicare, you can potentially reduce some key costs of the program.
Medicare has different parts that cover various types of services. Part A covers hospital and other inpatient costs, and most Americans get it without paying an additional premium because of the Medicare payroll taxes they paid throughout their careers. Part B outpatient care coverage requires monthly premium payments, as do many Part D prescription drug plans.
Source Fool.com
