Most people who read this column know none of the above is true. But, even the most learned policy wonk may be shocked at how much older people spend on health care out of their own back pocket. On average, one of every ten dollars of the wealthiest beneficiaries income is spent on health care. These figures are actually understated, as they do not include money spent on nursing home care or home health care. The American Association of Retired Persons and The Lewin Group produced the report.
Several factors influence the amount of money spent on health care.
The vast majority of those 65 and older are enrolled in the traditional Medicare program. That is, they have Medicare and a Supplemental Policy. Again, these figures exclude home health care and nursing facility costs. You can enter your Zip code and obtain a list of all Medicare approved HMO's available in your area. You can also get a side by side comparison of each plan's benefits as well as pricing information.