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Many Baby Boomers don't understand Medicare

Posted On Thu, March 1, 2012

A study from Bankers Life and Casualty Company's Center for a Secure Retirement showed that more than 55 percent of Baby Boomers are uninformed when it comes to Medicare.

The "Retirement Healthcare for Middle-Income Americans" study showed that another 13 percent incorrectly noted that Medicare was free. Approximately three-quarters of consumers said they were unaware Medicare has deductibles, co-pays and premiums. More than 60 percent said they did not know about what benefits are involved with Medicare in regards to hospital visits and trips to the doctor.

"Minimize financial surprises by understanding your retiree health insurance benefits well in advance," said Chris Campbell, vice president of strategic marketing and business development for Bankers Life and Casualty Company. "Estimate what your financial responsibility is under Medicare, including premiums, co-pays, deductibles and uncovered expenses, in particular, long-term care."

Consumers who are not satisfied with their Medicare offering could benefit from getting another health insurance plan. If money is an issue, comparing health insurance rates could give a person a better chance at a policy that fits their needs.

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