Baby boomers know next to nothing about Medicare: survey
By Lauren McNitt
ProWEB Wire (Industry News)
America’s baby boomers are surprisingly uninformed about Medicare, according to a Bankers Life and Casualty Company Center for a Secure Retirement survey.
The survey found 56 percent of baby boomers admit to knowing little or almost nothing about the Medicare program, while 1 in 7 erroneously believe the program is free. Nearly three-fourths of boomers did not know most Americans on Medicare pay a monthly premium, co-pays and deductibles.
Furthermore, 62 percent of baby boomers, including those nearing 65 years, do not know what their health insurance benefit will be for doctor and hospital visits on Medicare. More than a quarter could not say how much they think they will pay for health care once on Medicare compared to what they pay today.
In addition, 8 in 10 baby boomers under age 65 did not know if Medicare covers long term care.
The results of the survey are surprising, since boomers say health care expenses and illness are their top financial concerns in retirement.