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Older Americans struggling due to healthcare costs

Posted On Fri, November 11, 2011

A recent report from the National Council on Aging noted that as many as one in six Americans over the age of 65 are struggling with their personal financial situation, due to their inability to afford Medicare or other high health insurance rates.

In total, the average Medicare-covered home paid as much as 14.9 percent of its budget on healthcare expenses, the report noted. This is close to three times higher than the 4.8 percent spent by homes that do not use Medicare for their health insurance needs. With 16 percent of America's elderly being classified as poor, this may significantly impact their long-term retirement plans.

"Increasing Medicare copayments or deductibles would be devastating for low-income seniors who are already suffering with unaffordable costs to meet basic needs, without adequate help," said Howard Bedlin, vice president of policy and advocacy at NCOA.

Consumers looking for an alternative to their current plan may want to compare health insurance quotes, which could give them a more sufficient plan than they already have.

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