How Much Do You Know About Social Security and Medicare?

New Hampshire seniors count on Medicare and Social Security benefits to provide them with the foundation of income and health care they need in retirement, having contributed to these programs for years while working. The current debate over the federal deficit looms heavily in the Granite State, where the fallout from cuts being considered to Social Security and Medicare would take a drastic toll.

“Cutting Social Security and shifting more costs onto Medicare beneficiaries will hurt hundreds of thousands of hard-working Granite Staters who’ve paid into the programs and rely on the benefits in retirement,” said AARP New Hampshire State Director Kelly Clark

Test your knowledge of the impact of Social Security and Medicare with these interesting facts:

• Social Security pumps over $272 million into New Hampshire’s economy each month. That’s nearly $3.3 billion dollars of critical aid each year to New Hampshire families.
  
• Many Granite Staters would have almost no income without Social Security. One in five over the age of 65 relies on Social security for 90% of their income.
  
• Social Security is a foundation of retirement for the middle class. One in two over the age of 65 depends on Social Security for 50% of their income.
  
• The average annual Social Security benefit in New Hampshire is $14,400. Nearly all seniors – 97.1% – received Social Security in 2010.
  
• Social Security provides rock-solid benefits for many. Social Security is a safety net for the middle class and a lifeline for thousands more.
  
• Medicare plays an important role in New Hampshire’s economy. The Medicare program spent $1.67 billion on health care services for New Hampshire residents in 2010.
  
• Medicare provides peace of mind. Almost all seniors – 99.7 – are enrolled in Medicare. In contrast, nearly 8.9% of 60- to 64-year-olds are uninsured.
  
• Medicare provides guaranteed health coverage but out-of-pocket costs are high. New Hampshire beneficiaries spent about $5,300 on out-of-pocket health care costs, consuming over 23% of the typical seniors’ income.
  

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“Social Security and Medicare are and will continue to be critical to the economic security of New Hampshire families,” added Clark. “We need our leaders to understand the impact these programs have on the quality of life for older Americans and for people with disabilities. They reduce poverty and enable better health, not only for the most vulnerable but also for New Hampshire’s middle class.”

That is why nearly 14,000 New Hampshire residents signed petitions which urged members of Congress not to cut Social Security and Medicare benefits for deficit reduction. On behalf of its members, AARP New Hampshire delivered these petitions to Senators Ayotte and Shaheen and Representatives Bass and Guinta.

“We’re taking every opportunity to make the voices of our 227,000 members heard and their message is simple: instead of cutting the benefits people have worked for, Congress should be cutting waste and closing tax loopholes,” concluded Clark.