Many middle class retirees have some important misunderstandings when it comes to Medicare costs and coverage, according to a survey from health insurance company Bankers Life and Casualty Company's Center for a Secure Retirement.

The study, "Retirement Healthcare for Middle-Income Americans," found that 33 percent of respondents were unaware of how much the plan would cover doctor's appointments. In addition, another 31 percent were unaware of how much they would be covered in the event of a hospitalization.

"Financial fallout from healthcare related expenses can devastate savings and strip away the enjoyment of one's retirement years," said Chris Campbell, vice president of strategic marketing and business development for Bankers Life and Casualty Company. "Review your Medicare plan options annually and look into new health and prescription drug plans that better meet your needs."

However, 65 percent of those who were on Medicare noted they paid the same for health insurance now, if not more than when they used a private plan, the study added.

If a Medicare plan isn't fulfilling a person's health insurance needs, it could be a better idea to look at other options by comparing health insurance quotes.