Medicare, though flawed, is crucial for most retirees

Medicare, though flawed, is crucial for most retirees

Even so, many retirees find the Medicare program confusing. Many believe erroneously that it will cover all their health-care costs. In fact, a 65-year-old couple retiring today can expect to spend $394,000 on medical expenses that aren’t covered by Medicare, according to HealthView Services’ 2015 Retirement Health Care Costs Data Report (to download the report, click here.)

What’s more, the Republican majorities in the U.S. House of Representatives and Senate have vowed to make drastic changes to the Medicare program, perhaps turning it into a voucher program or even raising the retiree contribution.

That “$394,000” is with Medicare the way it is right now. Imagine what that number will look like when the Republicans get done “reforming” Medicare.

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