Medicare recipients spend 14 percent of income on out-of-pocket health care
Posted on 10 February 2009
Permanent URL of this article: http://retirementrevised.com/health/medicare-recipients-spend-14-percent-of-income-on-out-of-pocket-health-care
Mark Miller
Households receiving Medicare spend 14 percent of their income on health care, according to a report from the Kaiser Family Foundation. Health insurance premiums accounted for two-thirds of health care spending, the report showed. Several studies have shown that health care expenses are on track to consume huge portions of retirement resources in the years ahead for many Americans. Skyrocketing health care costs mean that 44 percent of Americans won’t be able to maintain their standard of living in retirement, according to The Center for Retirement Research (CRR) at Boston College. Aside from health care, the Kaiser report shows 34 percent of income goes to housing, 15 percent to transportation and 13.6 for food.
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