Baby Boomers Confused About Medicare
Posted on: Wednesday, 27 February 2008, 15:00 CST
A survey of U.S. baby boomers found most confused about Medicare age eligibility and what is covered under the federal health plan.
Thirty-six percent of 377 baby boomers -- born between 1946 and 1964 -- knew that Medicare eligibility begins at age 65, 21 percent thought Medicare coverage began at age 62; 9 percent said age 67; 6 percent said age 59 1/2; and 28 percent said they were unsure of the age.
The survey conducted by the National Association of Insurance Commissioners also found 84 percent of boomers said that access to health insurance was important when choosing a retirement date, but only 43 percent said that Medicare eligibility was an important factor in determining when they would retire.
Sixty-six percent of respondents said they were not very familiar or not at all familiar with options such as Medicare Part B, Medicare Advantage plans, Medicare prescription drug coverage and Medicare supplement, or Medigap, insurance.
Eighty-two percent of those surveyed said they were concerned that future funding for Medicare might not be sufficient to provide the healthcare services they anticipate needing throughout their retirement.
Medicare includes hospital insurance Part A, medical insurance Part B, Medicare Advantage Part C and prescription drug coverage Part D.
Source: United Press International
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