Medicare Fun Facts
Medicare can be fun! Check out some fun facts about Medicare.
- Did You Know…
When Medicare began in the 1960s, people paid about 19% of their income for their care. That share was reduced at one point but it has risen steadily since then because health care costs have skyrocketed and the income levels of older Americans haven’t kept pace. - When Medicare began — inpatient hospital care –accounted for about two-thirds of all spending. By now, Part B — medical services and supplies –has garnered a larger share of the program.
- Today, Medicare constitutes 14% of the federal budget.
- Because of the aging of the Baby Boom generation, the number of people on Medicare is projected to rise from 47 million to 78 million between 2010 and 2030.
- Medicare spending is expected to rise from $511 billion in 2009 to $926 billion in 2018.
- Beginning in 2019, the Medicare Part A Hospital Insurance Fund will not have enough funds to pay for full benefits.
- In 1965, government experts projected that in 1990, on an inflation-adjusted basis, Medicare would cost $12 billion. In reality, Medicare in 1990 cost $107 Billion. OOPs.
- 86.7 million – Projected number of people who will be 65 or older in the year 2050.
- 147 percent – The projected percentage that the 65+ senior population will increase between 2000 and 2050.
- 483 million – Current senior population of people age 65 and older in the world.
- 974 million – The total worldwide senior population over age 65 by 2030, projected by the Census Bureau
- 72 – The number of men age 65 and older for every 100 women in the same age group.
- In the 85 and over group, there are 45 men per 100 women.
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