Majority Of Seniors Say They Don’t Understand Medicare

A survey of baby boomers approaching retirement age found a majority said they don’t understand Medicare, the federal health insurance plan for seniors. Even those past retirement age expressed confusion about the plans and how they work. The survey, conducted by the National Council on Aging, found less than half of seniors said they understood Medicare and even fewer could identify the individual components of the program. Only a third knew that Medicare Part A was for hospital insurance and just 23 percent of respondents correctly identified Medicare Part B as the component that covers doctor visits. Unfortunately, seniors’ confusion about how Medicare works means many will lose money because they didn’t shop for a better plan. Howard Bedlin, vice president of public policy and advocacy at NCOA, said he was hopeful that baby boomers would be more comfortable using the Internet to better educate themselves about the programs and policies. More here.

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