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Study: Many middle-income Americans don't understand Medicare

Posted On Thu, February 9, 2012

A recent study from insurer Bankers Life and Casualty Company Center for a Secure Retirement found that many retirees who use Medicare are not educated on what the government-sponsored health insurance program offers.

The "Retirement Healthcare for Middle-Income Americans" study found that one-third of those surveyed did not understand how much Medicare covered for a visit to the doctor. Another 31 percent were unaware how much a hospital visit would cost under the plan. Approximately two-thirds of consumers noted they were paying as much or more for their healthcare while a part of the Medicare plan, compared to when they used a private option.

"Financial fallout from healthcare related expenses can devastate savings and strip away the enjoyment of one's retirement years," said Chris Campbell, vice president of strategic marketing and business development for Bankers Life and Casualty Company. "Review your Medicare plan options annually and look into new health and prescription drug plans that better meet your needs."

Those who are unhappy with their Medicare plan may want to compare health insurance quotes, as a private option may cover more of what they want.

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