Medicare and getting old: Are you worried?
by Denise Early on Jan. 20, 2012, under HealthMost older Americans (63%) are very worried they won’t be able to pay for their medical care as they age, according to a report by The Insured Retirement Institute (IRI). From information contained in the report, we should be worried.
According to an article in LifeHealthPro which reviewed the IRI report, people on Medicare can expect to spend well over $350,000 on their medical care and insurance premiums during their retirement years.
The LifeHealthPro article highlighted some of the findings in the IRI report:
● For 2012, Medicare Part B premiums will account for 8.2% of the average Social Security benefit, up from 5.1% in 2000.
● While the average Social Security check is 31% higher than it was in 2001, premiums for Medicare Part B have doubled.
● While 63% of all boomers lack confidence in their ability to cover medical expenses in retirement, the concern is most pronounced among younger boomers: 72% percent of boomers ages 50-54 are concerned about their ability to cover medical costs in retirement.
The full IRI report can be found here.
I recently wrote about my trip to Ireland and Northern Ireland where government health care systems cover most medical costs for older citizens. Losing their life savings to pay for health care is not an issue for most people in Ireland – or Europe. Health care costs are going up across the pond, but not as much as in the United States. This comes back to the question I have asked before: How much can older Americans be expected to pay for their Medical care? I guess that’s the trillion dollar question.
