Motley Fool's 10 things to know about Medicare
The Motely Fool compiled ten facts about Medicare.
Here's what you need to know:
1. There are 57 million Americans, or 16 percent of the U.S. population, on Medicare. The enrollee base is both young and old.
2. Approximately 11 million people on Medicare are also covered by Medicaid. Twenty percent of Medicare enrollees rely on Medicaid to pay for services Medicare doesn't cover.
3. The United States spent $588 billion on Medicare and Medicaid in 2016.
4. The standard Medicare Part B premium is $134 in 2017. While Part A is usually free, Part B beneficiaries need to pay $134 on average per month.
5. Poor health can be 2.5 times as expensive for Medicare enrollees. A Kaiser Family Foundation report revealed that beneficiaries in poor health were likely to pay 2.5 times more in out-of-pocket costs than healthier beneficiaries.
6. A hospital stay costs Medicare beneficiaries $4,500 out of pocket.
7. Medicare enrollees 85-years-old and older spend three times more than beneficiaries who are 65-years-old to 74-years-old.
8. In 2015, authorities charged 243 medical professionals with fraud.
9. Approximately 17 million Americans utilize Medicare Advantage services
10. The U.S. tax system takes 38 percent from payroll taxes to fund Medicare.
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