Common Misconceptions About Medicare

Misconception one is that you are able to get Medicare and Medicare supplements at the age of 62, just like applying for Social Security.

This is definitely a myth. You cannot get Medicare and Medicare supplements at the age of 62, so don’t plan your retirement banking on having those supplements to go along with your Social Security. If you do this, you will find yourself stuck between a rock and a hard place.

The truth of the matter is that you are only able to get Medicare and Medicare supplements when you turn 65 – period, no earlier. The problem is that many people, without checking things out to confirm it, are assuming that because they are able to get Social Security at 62, that the same is true for Medicare and Medicare supplements.

We have seen many cases where people took retirement early, banking on having not only Social Security, but also Medicare to help defray the expenses. Unfortunately, many couples and individuals have found themselves in a pickle having to try and find other insurance to fill in the gap until they reach 65.

While sourcing other insurance isn’t necessarily a problem, the price of the insurance an older person is able to find is another matter altogether. In most instances they would need to go with Consolidated Omnibus Budget Reconciliation Act (COBRA) or buy health insurance from a private insurance company.

COBRA offers retirees and some other categories of individuals temporary continuation of health coverage at group rates and typically this type of coverage, while less expensive than private insurance, is still higher than the budget may be able to afford. In the case of sourcing health insurance from a private health insurance company, retirees may be facing up to $300 per person per month for coverage until they turn 65.

If you do the math for a single senior at age 62, the amount of money they would need to fork out to have health insurance would add up to $10,800 for three years or double that for a couple. Living on Social Security benefits and a pension may not allow people to find that kind of extra money.

It’s always best to be cautious about applying for the various benefits older people are entitled to, as many of them have certain restrictions or qualifications that those applying don’t know. Always check the requirements and never assume anything. When in doubt, contact a local Medicare insurance agent who has the inside scoop.

Richard Cantu is with Medicare supplements resource, To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit

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