Tuesday, September 2, 2014

Baby Boomers and Medicare Part D

As Baby Boomers begin to age, many are becoming confused about Medicare. A survey of 377 Baby Boomers born between 1946 and 1964, done by the NAIC, found that less than half of the participants knew eligibility for Medicare for those who are not disabled begins at age 65. And more than half of the participants were unfamiliar with Medicare prescription drug coverage.

Yet despite these findings, more than 37 million Medicare beneficiaries are enrolled in Medicare drug plans this year. That's an increase of 2 million compared to 2013 and 15 million since 2006.

As the nation's largest health insurance program, Medicare currently covers more than 40 million Americans. But many are growing more and more concerned over what will happen when these Baby Boomers become eligible.

As enrollment of Baby Boomers into Medicare increase, cost will continue to rise for the next 20 years, this is due to many factors such as; increased life expectancies as well as the increasing prevalence of chronic diseases.

Since 2011 and continuing for the next 19 years, 10,000 Americans will turn 65 everyday. With this Medicare enrollment boom and the variety of programs available, these Baby Boomers need to start their education about Medicare coverage years prior to retirement, to ensure they make the best choices for future coverage.

Source: Huffington Post

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