Baby Boomers Concerned, Confused by Medicare

90% of baby boomers surveyed say they are “concerned” about the future of Medicare especially in light of the upcoming presidential election, as revealed in a recent eHealth survey (eHealth offers one of the nation’s largest online health insurance marketplaces). Medicare and Medicaid make up about 20% of all U.S. government spending.

Baby boomers were tested on 4 Medicare “myths.” Results show they are still a little fuzzy on the details of the nation’s health plan for retirees.

Myth #1: Medicare works just like regular health insurance

The correct answer is “false.”

Only 40% of boomers answered this correctly.

Myth#2: Medicare is free

The correct answer is “false.”

70% of boomers answered this correctly.

Myth #3: A person can enroll in Medicare anytime after they turn 65 without penalty

The correct answer is “false.”

A sparse 23% of boomers answered this correctly.

Myth#4: Medicare covers everything

The correct answer is “false.”

80% of boomers answered this correctly.

Incidentally, in the same survey two-thirds of all boomers said they were not “saving enough” for retirement and were likely to work after age 65, either because they wanted to or would have to, given budget concerns.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!
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