Boomers not up-to-date on Medicare

Boomers are turning 65 at a record rate … 10,000 a day in fact … which means they’re eligible for Medicare.

However, a survey sponsored by the National Council on Aging and United Health Care found that many boomers are in the dark when it comes to Medicare. For instance,

• 46% of respondents have never shopped around for better Medicare coverage because many (41%) thought they couldn’t save any money,

• 35% were confused by Medicare,

• 16% didn’t understand Medicare at all,

• Less than half were familiar with the Medicare prescription drug “donut hole” or coverage gap, and

• Only 12% described their understanding of the health reform law as excellent or good.

What’s more, many respondents were not aware of extra benefits that can provide critical assistance, including Medicare Savings Programs, which help people with limited income pay for some or all of their Medicare costs, and Extra Help, which helps pay for prescription drug costs.

Look, no one knows what the future holds for Medicare. But ignoring what it currently offers could cost you big bucks down the road!

Click here to find more details about the survey and links to a bunch of helpful sources on Medicare.

Best wishes,

George

P.S. With so much uncertainty surrounding Medicare, protecting your finances from the ravages of long-term care is more critical than ever. Learn what you can do about it now.