Medicare can be a great thing for most people, but it's important that you know what you are getting out of it so you are fully prepared. Knowing the truth behind some of the myths that surround Medicare will help you know what to expect when applying and what your plan will be for in the future.

Myth: Free Medicare

This is a common misconception since Medicare is a government program. People usually do have to pay premiums to have Medicare coverage. Even if there is no premium, there are co-pays and deductibles that you need to be aware of. There are 3 different parts of Medicare: A, B, and D.

• Medicare Part A: Most people don't pay premiums, but if you have to, it could be as much as $411 a month.
• Medicare Part B: Certain factors will affect the amount that you pay, but for 2016, members paid $104.90 to $389.80 per month depending on their circumstances.
• Medicare Part D: Part D is a prescription benefit plan. The premium that you pay monthly will vary based on your insurance company and plan.

Myth: Locked-in Rates

Seniors often go into their Medicare plans thinking that they will lock-in their rate and it will never go up. Unfortunately, this isn't true. The costs and even your coverage can change from year to year. Each year, you should review your plan and be aware of all co-pays and premiums so that you know exactly what to expect.

Myth: You Can Enroll in Medicare Anytime Once You've Qualified

You may think that once you reach the qualifying disability or age for Medicare (65 years), you can enroll anytime from that point forward. This isn't true and can cause you a lot of problems in the future if you follow this misconception. The following are the times you can enroll:

Initial Enrollment Period:

If you qualify by age, you can enroll in Medicare for a period of 7 months starting 3 months before your birthday and 3 months after.

If you qualify because of a disability, you can enroll for a period of 7 months that runs from the 22^nd month through the 28^th month of your disability benefits.

Special Enrollment Period:

There are special enrollment periods in place to allow individuals to obtain Medicare coverage. If you stop working or your medical coverage ends, you have 8 months of a Special Enrollment Period so that you can enroll in Medicare.

By knowing these myths, you can prepare yourself for what will come up as you enroll in Medicare and use your plan in the future.