Older adults and people with disabilities are often wrongly portrayed as well off and undeserving of the Medicare and Social Security benefits they have earned throughout a lifetime of work. What often is left unsaid is their overall low income and poor health status, putting them at serious health and financial risk.
In September 2014, the Kaiser Family Foundation released a paper illustrating characteristics of people with Medicare. Half of all people with Medicare have incomes under $23,500; half have savings less than $43,400. And, only one in five people with Medicare have incomes above $93,900.
When you take into account that one in four people with Medicare spend more than $11,500 a year on their care, it becomes crystal clear that large numbers of them are struggling to make ends meet.
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Even with Medicare, many people spend over $11,500 on care that is not covered.