These 3 Medicare mistakes could make retirement more expensive

Once you turn 65, you may have a whole new option for getting health coverage. Medicare typically becomes available at 65, and it could play an important role in your retirement finances.

But not knowing how Medicare works could upend your budget and cause you a world of stress. With that in mind, here are three big Medicare misconceptions it's important to get to the bottom of.

One of the biggest Medicare misunderstandings boils down the program's premiums, which are not free by any means. While most enrollees are able to get free hospital coverage through Part A, Part B, which covers diagnostics and outpatient services, charges a monthly premium.

Enrollees in both Medicare and Social Security have their Part B premiums deducted from their monthly benefits. But that doesn't make them free — it just means they're paid automatically, resulting in smaller Social Security checks.

Additionally, Parts A and B of Medicare do not include prescription drug coverage. To get that, you'll need a Part D drug plan or an all-in-one Medicare Advantage plan. Some of those plans don't charge a monthly premium, but many do.

And don't forget that premiums aside, there are other costs associated with Medicare…

Original source: https://www.usatoday.com/money/