Medicare - What is Medicare?

There is a BIG myth out there is that Medicare is free. No it's not!

Is medicare free? Well according to Shelby George, vice president of advisor services for investment management company Manning & Napier, free medicare is only a myth.

One big myth is that Medicare is free, George said, according to an article on

Many retirees or those nearing retirement believe their healthcare expenses will be fully covered in retirement. Not only do people have to pay Medicare premiums on a sliding scale, but beyond the premium, Medicare doesn't pay for all of the services it covers.

On average, an individual will still pay 62% of medical costs, even for things Medicare covers, George said. There are also copays for many services.

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