Top Health Care Concern for Seniors: Affordability
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The cost of healthcare services and ability to pay are the top concerns for older adults in the US, according to the National Poll on Healthy Aging by the University of Michigan. The rising costs of housing, food, and other essentials also contribute to anxiety about affording healthcare for millions of seniors. The survey found that more than half of the 3,300 people aged 50 or older who were surveyed in February and March were “very concerned” about the costs of medical care, long-term care, and prescription drugs.
Concerns around Health Care Costs for Older Americans
The rising cost of health care services weighs heavily on older adults. With increasing prices for essentials like housing and food, the ability to afford health care becomes more challenging for seniors like Connie Colyer, a retired forklift operator from Pleasureville, Kentucky. She and other older citizens are worried about their ability to pay for their medical needs.
Recent research has highlighted these anxieties. The National Poll on Healthy Aging by the University of Michigan found that costs of medical care, long-term care, and prescription drugs were among the top concerns for people aged 50 and older.
In an election year, such findings indicate that seniors are looking for candidates addressing issues related to cost containment in health care, according to John Ayanian, director of the University of Michigan’s Institute for Healthcare Policy and Innovation.
A significant number of seniors live under the federal poverty level or rely solely on Social Security payments. The elderly are particularly vulnerable to price inflation, as many live on fixed incomes and Medicare does not cover several essential services. Recent research from the Commonwealth Fund’s 2023 Health Care Affordability Survey discovered that around a third of those aged 65 and above reported difficulties in affording health care expenses.
The rising costs are particularly worrisome as older adults are more prone to illness and disability, leading to higher health care costs. Many elderly Americans can’t afford to pay for long-term care options or other significant medical expenses out-of-pocket. With incomes below the federal poverty level, any unexpected expenses can be intimidating.
There are programs designed to help older adults afford Medicare out-of-pocket costs, but not everyone eligible is enrolled in these Medicare Savings Programs. Seniors can check their eligibility for these and other programs through local agencies such as the Area Agency on Agency, State Health Insurance Assistance Program, or a benefits enrollment center.
Regrettably, substantial assistance is scarce for seniors with modest financial resources. For them, the necessity for new benefits is understood, but the question of how to finance them remains. However, some relief is in sight with the 2022 Inflation Reduction Act, which allows Medicare to negotiate the price of prescription drugs. As a result, out-of-pocket costs for medications will be limited to a maximum of $3,800 for most beneficiaries in 2022 and $2,000 in 2023.
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