A study from the University of Michigan showed that senior citizens don't save the money needed to deal with their healthcare issues that are not covered by Medicare.

The average level of spending for the last five years of a patients' life was approximately $39,000, HealthDay reported, citing the study. One in 10 people spent nearly $90,000 in that time, while 5 percent had to spend close to $140,000.

In addition, three-quarters of homes studied had to spend $10,000 or more, while 9 percent of married couples spent more than $100,000, the report explained.

"[U]ninsured, out-of-pocket expenditures are likely to continue their growth, whether because of growth in health care spending, or a great reliance on co-payments and deductibles to scale back Medicare growth," the authors added.

Older consumers who are not happy with their Medicare policy could benefit from looking at other health insurance quotes to find a stronger plan. These also may not be as expensive, as there could be policies with affordable health insurance rates online.