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Health Care Consumes Over a Third of Social Security Checks
Out-of-pocket health care costs for seniors consumed over a third – 37 percent – of the average Social Security check in 2010, according to a new analysis by Social Security Works of data from the Center for Medicare and Medicaid Services. The vast majority of seniors and people with disabilities live on modest, fixed incomes. Median household income for seniors is $34,000, and for Social Security Disability Insurance beneficiaries just under $30,000. Our Social Security and Medicare systems are designed to provide seniors and people with disabilities with a measure of economic and health security, as well as predictability with regard to their budgets in retirement – insurance protections which they earned by contributing to Social Security and Medicare throughout their working years. Read more…