/FROM PR NEWSWIRE
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TO BUSINESS, AND HEALTH EDITORS:
Study Finds Alarming Number of Boomers Lack Basic Understanding of
Medicare Program
America's middle-income Boomers admit to knowing little or almost
nothing about the
falsely believe
Bankers Life and
(CSR) reveals.
The
400 pre-Medicare Boomers (age 47 to 64) and 400 older adults (age 65
to 75) with income between
three-fourths (72 percent) of Boomers did not know that most Americans
on
Moreover, two thirds (62 percent) of Boomers, even those within a few
years of turning 65, do not understand what their health insurance
benefit will be for doctor visits and hospitalization once they are on
guess on how much they think they will pay for healthcare once on
Although Boomers cite uncovered healthcare expenses (80 percent) and
becoming ill (74 percent) as their top financial concerns about
retirement, many appear to be taking a "learn as you go" approach to
understanding
using the program to investigate how it works.
According to the CSR study, most pre-
understand their benefits for dental care (78 percent), hearing care
(82 percent) and vision care (83 percent), all which are services
typically not covered by
In addition, eight in ten (86 percent) Boomers under age 65 do not
know if
care coverage. Boomers nearing
not show a significantly greater understanding than those ages 47 to
59.
For many Boomers, retirement waits for
are taking
when determining when to retire. Nearly half (45 percent) of working
Boomers age 47 to 64 report they are waiting to retire until they are
eligible for
decided if they would retire without the safety net of
health benefits.
The decision to wait to retire until they are eligible for
may be financially sound since medical bills are one of the leading
causes of bankruptcy among people age 65 and older. The CSR study
reports one in ten (12 percent) of middle-income Americans on
are living with medical debt.
"Minimize financial surprises by understanding your retiree health
insurance benefits well in advance," said
president of strategic marketing and business development for Bankers
"Estimate what your financial responsibility is under
including premiums, co-pays, deductibles and uncovered expenses, in
particular, long-term care. Earmark a portion of your savings or
income for retirement and consider speaking to a professional advisor
who is well-versed in
Methodology
The Bankers Life and
study
in
Group. The complete report can be viewed at
http://www.CenterForASecureRetirement.com
About the
The Bankers Life and
is the Company's research and consumer education program. Its studies
and consumer awareness campaigns provide insight and practical advice
for how everyday Americans can achieve financial security during
retirement.
Established in 1879 in
focuses on the insurance needs of the retirement market. The
nationwide company, a subsidiary of
CNO), offers a broad portfolio of life and health insurance retirement
products designed especially for Boomers and retirees.
SOURCE
-0-
/CONTACT:
/Web Site: http://www.CenterForASecureRetirement.com
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| Copyright: | (c) 2012 The Associated Press |
| Source: | Associated Press |
| Wordcount: | 726 |
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