The average American approaches Medicare age with both excitement and concern. The excitement comes from reaching the qualifying age of 65 and collecting the health insurance benefits you have been paying into Medicare all those years. The anxiety comes from having a lot at stake and being confused about your options.
Did you know that more than 1in 5 beneficiaries say Medicare is confusing? Here are some startling statistics that every senior on Medicare should acknowledge.
Know your Medicare A, B, C (and D) ‘S
- 59% of beneficiaries have an “excellent” or “good” understanding of Medicare, but……
- Only 47% know Part A covers hospital care costs
- 35% know Part B covers doctor visit costs
- 5% know Part C offers combined coverage
- 46% know Part D covers prescription drug costs
Baby Boomers transition to Medicare (Ages 60-64)
- 56% Don’t know where to begin when transitioning from employer-sponsored health insurance to Medicare.
- Nearly 40% aren’t aware they could face penalties on their monthly premiums if they don’t enroll in Medicare when eligible at age 65.
Three years after the Affordable Care Act passed into law, 76% of people 60 and older have a “fair” or “poor” understanding of it.
Of those who know of health insurance marketplaces (also called exchanges), more than 1/3 incorrectly believe Medicare beneficiaries can enroll in Medicare through the exchanges.
- 35% Pay more out of pocket than expected for Medicare coverage.
- 62% of seniors have never shopped for Medicare coverage.
Spending on Healthcare in America compared to other countries (annually)
- USA: $8,233
- Other developed nations average: $3,268
- Americans spend 2.5 times more than other developed nations
Yet we don’t use healthcare the most
Doctor consultations per capita
- Japan: 13
- Germany: 8
- UK: 5
- US: 4
Hip replacements per 100,000 Population
- Germany: 296
- France: 224
- UK: 194
- US: 184
And we’re tested more…
CTs Per 1,000 Population
- US: 228
- France: 55
No better results: Despite more medical tests and higher health care prices, Americans do not live longer than citizens from other countries.