Baby Boomers Confused About Medicare

Tuesday, February 26th, 2008
This post was written by Melanie Matthews

According to new research from the National Association of Insurance Commissioners (NAIC), many baby boomers are confused about their post-retirement health insurance options, including their Medicare eligibility. The first waves of baby boomers turn 62 this year and begin claiming Social Security benefits.

  • Only 36 percent correctly knew that Medicare eligibility begins at age 65. Twenty-one percent thought Medicare coverage began at age 62; 9 percent said age 67; 6 percent said age 59½; and 28 percent said they were unsure of the age.
  • A large majority of baby boomers — 84 percent — said that access to health insurance was important when choosing a retirement date. However, only 43 percent said that Medicare eligibility was an important factor in determining when they would retire.

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