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Medicare costs can surprise you in retirement. Discover the 3 hidden expenses that could derail your budget and how to plan for them.
It was the primary payer for an estimated 15.3 million inpatient stays in 2011, representing 47.2 percent ($182.7 billion) of total aggregate inpatient hospital costs in the United States. [3] On average, Medicare covers about half (48 percent) of health care costs for enrollees. Medicare enrollees must cover the rest of the cost.
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However, costs per capita continue to rise. Per capita cost increases have averaged 5.4% annually since 2000. Costs relative to GDP have risen from 13.8% in 2000 to 17.9% by 2009, but remained at that level in 2010 and 2011. [22] Several studies have attempted to explain the reduction in the rate of annual increase. Reasons include, among others:
The Medicare Trustees have reduced their forecast for Medicare costs as %GDP, mainly due to a lower rate of healthcare cost increases. Medicare was established in 1965 and expanded thereafter. In 2009, the program covered an estimated 45 million persons (38 million aged and 7 million disabled).
Fidelity’s retiree healthcare cost estimate shows that if you retire this year at age 65, you can expect to spend an average of $157,000 on medical expenses throughout retirement. So there's ...