If you’re approaching retirement, chances are you can’t pass a simple four-question quiz on Medicare.
Sixty-five percent of individuals ages 60 to 64 who were put to the test failed, getting two or fewer questions correct. The online MassMutual survey polled 500 individuals this month.
In contrast, almost half of all adults – 47 percent – failed a quiz on Social Security that MassMutual released earlier this year.
The quiz highlights how much people still do not know when it comes to Medicare, said David Freitag, a financial planning consultant at MassMutual.
That needs improving, he said, because the individual decision regarding coverage is just as complicated as it is when it comes to Social Security.
“You almost have to have a custom-made suit or a custom-made dress for the Social Security decision,” Freitag said. “I think the same analogy can be extended to Medicare.”
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