People entering retirement assume that medicare covers most of the medical costs the elderly attain, but a study done by the Employee Benefit Research Institute says it only covers about 51% of health care costs.
(PRWEB) October 11, 2012
A report by Fidelity Investment suggests that a couple retiring in 2012 will pay 6% more for health care in retirement than a couple that retired in 2011, bringing their total to $240,000 during the 17 years and 20 years the man and woman, respectively, live.
While Medicare is available, it covers much less than what traditional group plans cover through employers, leaving the elderly to pay more for their own health care at a time in their lives when they use it the most.
“Most people don’t realize Medicare covers much less than traditional employer plans,” Sunit Patel, senior vice president in Fidelity’s benefits consulting group. “The $240,000 number captures the Part B premium for physician services, Part D for prescription drugs. Then there are deductibles and coinsurance, and benefits that are not covered like vision exams, hearing aids.”
Most people entering retirement assume that medicare covers most of the medical costs the elderly attain, but a study done by the Employee Benefit Research Institute says it only covers about 51% of health care costs, leaving the patient to find a way to cover the remaining 49%, no small feat for the elderly who are already living on a limited income.
As more senior citizens become aware of their rising costs, many of them are working far beyond retirement, simply to have employer insurance cover what they cannot when Medicare stops paying.
HealthCompare, a nationally recognized health insurance comparison site, helps seniors, and people of all ages, find health insurance that are more affordable and effective than what they might find on their own. The golden years are to be just that, and studying your options very well and making as many comparisons as possible can help you hold on to more of that $240,000 that these studies say the elderly will pay in retirement for their health care.
Visit HealthCompare.com today to start your comparison shopping and save money.
About Health Compare: HealthCompare was launched in 2009 to work with brokers and carriers to help individuals and families easily research, compare, buy, and enroll in the right health insurance plan at the right price. Based in Orange, Calif., it delivers accurate, customized, health insurance quotes for the country's diverse population.
Through a unique partnership with its sister company, CONEXIS, HealthCompare has the ability to quickly reach thousands of COBRA-qualifying consumers and provide them with COBRA alternatives at the moment they become eligible for COBRA benefits. This provides these consumers with an opportunity to enroll in individual or family plans and potentially save hundreds to thousands of dollars on COBRA premiums and, at the same time, rewards referring brokers with referral fee income for the life of each policy.
For more information, visit http://healthcompare.com/ or call 888.748.5152.