The Lifetime Medical Spending of Retirees

espite nearly universal enrollment in the Medicare program, most elderly Americans still face the risk of catastrophic health care expenses. There are many gaps in Medicare coverage: for example, Medicare does not pay for long hospital and nursing home stays and requires copayments for many medical goods and services. Medical spending is thus a major nancial concern among elderly households. In a recent survey, a-uent individuals were more worried about rising health care costs than about any other nancial issue