With all the conflicting information out there, it can be challenging to navigate health insurance. Plan benefits, costs and enrollment timeframes can leave you confused and overwhelmed. Let’s put you in the know and look at the truth behind four common health insurance myths.
Myth 1: Original Medicare has no cost. Premium free Part A is for those 65 and older. You usually don’t pay a monthly premium for Part A if you or your spouse paid into Medicare taxes for at least 10 years. The standard Part B cost for 2021 is $148.50. If your modified adjusted gross income is above a certain amount, you may find an extra charge.
Myth 2: I need to enroll in COBRA when my group coverage ends. You will have 60 days to enroll in COBRA to continue your group health insurance benefits. Enrolling anytime during these 60 days can backdate your coverage start date to the first day of lost coverage as long as you pay the retroactive premium. You may be required to pay the full cost of the coverage plus a two percent administrative fee.
Myth 3: My annual physical is covered each year. Under the Affordable Care Act, preventive screenings include a set of shots and are covered at no cost to you when performed by a doctor or provider in your plan network, but other aspects of a physical are not. These exams can be scheduled every 365 days.
Myth 4: My children can stay on my health insurance policy. Typically, when your children turn 26, their coverage on your health insurance policy ends and triggers a qualified event. This qualified event allows them to enroll in one of the various plans available.
There is a lot of uncertainty around health insurance, so let us be your source of knowledge. We are always here to help, and we’re just a phone call away.