Boomers unclear, anxious about Medicare

A new study released today showed that 64% of baby boomers are confused about their Medicare eligibility even though 84% of them say that access to health insurance is important when choosing a retirement date. The study released by the Kansas City, Missouri-based National Association for Insurance Commissioners surveyed 377 baby boomers born from 1946 and 1964 and found that only 36% knew that Medicare eligibility begins at age 65. The study found that 21% thought Medicare coverage began at age 62, while 9% said age 67, 6% said age 59 ½ and 28% said they were not sure of the age. The study showed that only 43% of respondents said that Medicare eligibility was an important factor in determining when they’d retire, but 48% said they expected to use Medicare to cover their healthcare needs in retirement. A high level of concern about Medicare’s viability also added to the confusion, according to an NAIC statement. Eighty-two percent of those surveyed said they were concerned that future funding for Medicare would not be sufficient to provide the healthcare services they anticipate needing in retirement. “Clearly, there is much confusion and concern among baby boomers regarding their future access to Medicare,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger in a statement. “Many boomers incorrectly think Medicare coverage is available at age 62, when they initially become eligible for Social Security benefits.”