Fifty-seven percent of baby boomers said they had a "poor understanding" (31%) or know "almost nothing" (26%) about Medicare, according to a recent survey by Bankers Life and Casualty Company. Three-quarters of boomers (72%) did not know that most Americans on Medicare pay premiums, copays, and deductibles. One in seven thought Medicare was free. Only 14% knew that Medicare does not cover long-term care. A health care crisis is looming in this country, and it is essential for baby boomers and those who advise them to understand what they need to do to prepare for it financially.
Understand how Medicare enrollment periods work — and what to do to avoid late-enrollment penalties
Find out what you need to know about the differences between traditional Medicare and Medicare Advantage
Learn how much an enrollee can expect to pay in health care costs after going onto Medicare
Understand why most people pay too much for private insurance and how to avoid excess costs
Better plan for higher health care costs in retirement — including the possibility of needing long-term care