According to a new study, many seniors on Medicare spend all of their assets covering healthcare costs during the last five years of their lives. Among seniors living alone, the figures were even higher.
These charts (via Wonkblog) show the results of a project by Dr. Amy S. Kelly, a professor at Mt. Sinai School of Medicine in New York. Using information from the Health and Retirement Study, Dr. Kelley took a look at medical costs paid out-of-pocket by seniors nearing the end of their lives. She found that, even with over $500 billion dollars going to Medicare each year, the average senior spends $38,688 during the last five years of their lives. Over 20 percent spend more than $50,000.
