Whether you get Medicare, Medicaid, or you have a private health insurance plan, it’s important to understand as much as possible about these programs. Otherwise, you may be wasting your money on benefits you don’t need or you may be missing opportunities of which you are not aware. 

In addition, the healthcare insurance sector is surprisingly plagued by misinformation, especially among the elderly. As such, in support of everyone’s right to transparency and solid information, here are three misconceptions to keep in mind. 

#1: Medicare is the Same for Everyone

Medicare is a health insurance program applied at a national level, but it isn’t the same for everyone. This means that the costs will be different for each individual, based on their needs and providers. 

Since the benefits are provided by companies like Humana and Aetna (private companies), it is normal to have slight differences in prices for drugs and medical care. That’s why, before you commit to anything you could run a Humana vs Aetna comparison, in order to understand how things work. 

#2: The Cheapest Policy is Enough

When you’re young and healthy it may seem counterintuitive to invest in a reliable health insurance plan. After all, you can always start later, right?

So why not find the cheapest plan for now, and think about it when the time comes?

Well, like so many other things in life, our health depends on a wide range of factors that are not under our control. You never know when the situation is going to take a different turn, which is why it’s best to have a solid backup plan by your side. 

While it’s true that a basic health insurance plan will cover essential needs (such as hospitalization expenses), it will also be limited. This means it will not include benefits that can be quite life-saving in a bad scenario. 

That’s why, when you’re shopping for health insurance, you first need to compare the basic plan and the associated benefits. This is the only way to know just how much your premium brings. 

#3: Medicare and Medicaid Are The Same

They may sound the same, but there is a big difference between the two health insurance plans. 

Medicare is designed for people over 65 years of age and for people with end-stage renal disease (ESRD) and other conditions. On the other hand, Medicaid is for people with low incomes. 

Now, given that Medicare is a program for older people, there is another common misconception that, people who live longer require more money from the system. However, this is not the case since the program doesn’t cover costs such as assisted living, nursing homes, or other similar services. 

As a side note, you may be eligible for both programs, but you have to apply for each separately. 

Wrap Up

A health insurance plan is not just a backup in case the worst happens. It’s also a way to make sure you take care of yourself starting at an early age. After all, a healthy body will also keep the mind working in optimum conditions for as long as possible.

So, before you decide on a plan or believe something you heard, it’s crucial to dig for reliable information that can be fact-checked by specialists. Information is power, but only when it’s correct!