Medicare

On average more than 50% of a persons lifetime expenses on healthcare occur after age 65. This brings to question the cost of Medicare which is government insurance for people 65 and older. Medicare cost the government $10,500 per year per person. This low amount is the result of transferring cost to younger people who are mostly insured by private plans. Here is a typical bill for a person on Medicare. Amount provider billed $15,200 Insurance discounts $4,090 Benefit exclusion $6,582 Total cost plan approved $4,528 Paid by insurance $3,698 Patient paid $876 This shows $10,672 unpaid or written off which means this amount is picked up by non Medicare patients. Medicare is scheduled to go broke in 2024 so additional funds must be provided. The new $3.5 trillion bill just passed includes dental and eye care which will mean additional debt. The average senior citizen spends $1,126 out of pocket for dental care and for 60 million seniors this come to $67 billion per year. This will likely be passed on to others.