1. As of 2015, 55.3 million Americans receive Medicare, which adds up to 16% of our population or more than 1 in 6 Americans.
2. 46.3 of them are eligible for Medicare because they are seniors, and 9.0 due to a disability.
3. Part A of Medicare (Hospital Insurance) covers 54.9 million, with 46 million seniors and 9 million disabled.
4. Part B (Supplementary Medical Insurance) covers 50.7 million, with 42.5 million seniors and 8.2 million disabled.
5. There are 17.5 million Part C of Medicare (Medicare Advantage) beneficiaries,
6. And 41.8 million Part D (Prescription Drug Benefit) beneficiaries in the US.
7. The average benefit per enrollee totaled $12,559 as of 2015.
8. 56% of all Medicare beneficiaries are women,
9. and 70% ages 85 and older are women.
10. Between 2000 and 2030, the total number of Medicare beneficiaries is expected to double from 40 million to approximately 80 million.
11. The most common conditions among Medicare beneficiaries include:58% High blood pressure
31% Heart disease
12. Medicare is a huge help to seniors 65 years and older, but it doesn't cover all of their medical costs. In fact, 20% of total senior income is spent on healthcare expenses above and beyond Medicare or any assistance.
13. That adds up to an average out-of-pocket expenditure of $4,600 a year for seniors, with an average of $38,688 spent in the last five years per senior.
14. Medicare currently now accounts for approximately 14% of our total federal spending and about 23% of all national personal health spending. However, it’s expected to increase from $650 billion in 2012 to more than $1 trillion by 2022.
15. According to studies, here are these characteristics help describe the population of people that use Medicare:66% have 3 or more chronic conditions.
50% have an income below $24,150.
50% have savings below $63,350.
31% are cognitively or mentally impaired.
27% are in Fair or Poor health.
21% have at least one functional impairment.
17% are under 65 years old with a permanent disability.
13% are over 85 years old.
5% are residents in a long-term care facility.
16. In 2015, total Medicare payments added up to $632 billion. How was that money spent?27% Medicare advantage
23% Hospital inpatient services
13% Other and miscellaneous services
12% Part D prescription drugs
11% Physician payments
7% Hospital outpatient services
5% Skilled nursing facilities
3% Home health
17. Where does the revenue to fund Medicare come from?41% General revenue
38% Payroll taxes
13% State payments
3% Taxation of Social Security benefits
3% Interest and other payments
18. As of 2011, nearly 1 in 5 (19%) Medicare beneficiaries with traditional Medicare had no supplemental coverage, with a much higher rate among beneficiaries under age 65 with disabilities, the poor, and minorities.
19. The senior population in the US is projected to grow at a rate seven times that of the rest of the population.
20. As the Baby Boomers retire and age in, 19.1 million additional beneficiaries are expected to enroll in Medicare over just the next 11 years.
21. By 2050, it’s expected there will be 92.8 million Medicare enrollees.
22. From 2014 to 2024, Medicare spending will likely grow 7.2% per year.
23. Medicare spending as a percentage of US GDP is expected to rise from 3.5% in 2014 to 6% by 2089.
24. The Medicare system will be severely tested in the coming years and decades as its faced with a swell of an aging population. In fact, every day for the next ten years, 10,000 Baby Boomers will age into Medicare.
25. Yet despite all of the dire predictions, Medicare is projected to run at a slight surplus from 2015 to 2023, before returning to a deficit.
26. However, there are some serious doubts if the sources for Medicare funding will keep up with the need, and many think the system is headed for insolvency.
27. In fact, the latest Medicare trustees' report predicts that Medicare trust funds will be completely depleted by 2030, which means only incoming tax revenue will contribute to Medicare.
28. According to a recent Kaiser Family Foundation survey, 77% of Americans of all ages say that Medicare is "very important" regardless of political affiliation.
29. The same survey reveals that 89% of respondents want to increase Medicare funding or at least keep it the same.
30. However, the last time we saw an increase in the Medicare tax rate was when it jumped from 1.35% to 1.45%, although there were supplemental adjustments to how Medicare was factored after that.