It is important to get people aware of the cost implications of Medicare for different categories of people. What you are going to pay differs from one person to the other depending on the condition of the people involved. We shall be looking at the stats to support our conclusions. Contrary to expectations, people still pay more for using Medicare and the situation will not change even with Medicare Advantage plans 2020. Here are our findings over some period in time:
Taking the stats from Kaiser Family Foundation report, it went on to establish the fact that people pay higher for Medicare. Let us go back in time to the year 2010, the average out of pocket expenditure was put at $4,734. Taking a look at about 20% of the median income of people that are registered on Medicare was put at $23,500 in 2010 and it rose to $24,150 in 2014
The stats go to show that in 2010 alone, the 10% of people with the highest costs on Medicare spent nothing less than $19,236 on coinsurance, services, and premiums that Medicare does not cover when the average values are taken. Those with worse health conditions that required long periods of hospitalization spend more out of pocket expenses more than the figures that were quoted above.
The Older Medicare Recipients
The older those that are under the scheme, the more than are seen to spend to take care of their health needs. The cost of out of pocket expenses that this category of people incur is seen to be higher than what obtained with patients that are not up to their age. People that are over 85 years in age, for instance, are seen to spend more than their younger colleagues. The analysis shows that people within the age bracket of 85 spend about three times more out of pocket ($5962) when compared to people within the 65-74years age bracket($1926).
Women Vs Men
Taking a look at the stats of what each gender spent on health insurance, it was discovered that the women spent more than their male counterparts. Taking a look at the average figures for the year 2010, it was discovered that women spent $5036 as against the $4363 average that was spent by the male folk. The difference in spending is attributed to the fact that women live longer than men and the more advanced the age, the greater the amount of premium payable.
Patients Admitted In Nursing Home
Even with their package of Medicare, it was observed that people that were admitted in nursing homes pay more in terms of out of pocket expenses. Available stats show that they pay more than all others. Their average payment is put at a staggering $9508. This is more so because Medicare does not cover most Homecare. People with Alzheimer have larger out of pocket expenses. Their estimated average is put at $8305. The above stats are a reflection of what is expected as costs from Medicare Advantage 2020.