Things Too Many Retirees Don't Know About Medicare
Summary
Many retirees misunderstand key aspects of Medicare, leading to unexpected expenses and coverage gaps. Firstly, while Medicare Part A (hospital insurance) is typically premium-free, Part B (outpatient services) requires a monthly premium—$174.70 in 2024, increasing to $185 in 2025. Higher earners may face additional surcharges. Secondly, enrolling late in Medicare can result in lifelong penalties; missing the initial enrollment window triggers a 10% surcharge on Part B premiums for each year of delay. Lastly, once enrolled in Medicare, individuals can no longer contribute to Health Savings Accounts (HSAs), potentially affecting retirement healthcare funding strategies.
The Motley Fool
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