Most baby boomers don’t understand the basics of Medicare, according to a survey by the National Association of Insurance Commissioners. Investment News reports that 66 percent of boomer respondents said they were “not very familiar” or “not at all familiar” with the plan’s options, such as Part B, which covers some medical costs, and Medigap insurance policies. Only 36% knew that Medicare eligibility begins at age 65 — not at age 62, the starting age for Social Security eligibility. Financial planners are trying to address confusion with their clients, according to the trade magazine:

“To educate their clients, planners are using webcasts and seminars, as well as providing regular updates on how Medicare coverage is changing. Clients and the advisers themselves are seeking this information, said Jay E. Zandell, owner and principal of Z Planning Group LLC, a Phoenix-based long-term-care planning firm.

“There are too many misconceptions about what Medicare does,” said Mr. Zandell. “People go into retirement mode with the misconception that as long as they have Medicare, the health issues are addressed.”

If you consider yourself among the clueless, AARP’s website offers a good overview; or, you can go straight to the source at the government’s Medicare website. Smart Money magazine also has a good article on the topic.

Tags | Medicare