Inaffordability Top List of Health Care Concerns for Older Americans – KFF Health News
What weighs on seniors’ minds the most when it comes to health care?
The cost of services and treatments, and their ability to pay.
“It’s on our minds a lot because of our age and because everything is always so expensive,” said Connie Colyer, 68, of Pleasureville, Kentucky. He is a retired forklift operator with lung disease and high blood pressure. Her husband, James, 70, drives a dump truck and has a dangerously irregular heart rhythm.
Tens of millions of seniors are similarly worried about being able to afford health care because of its costs and rising costs of housing, food, and other essentials.
A new wave of research highlights the reach of these concerns. When the University of Michigan’s National Survey on Healthy Aging asked people 50 and older about 26 health-related issues, the top three concerns were related to and costs: general medical care, long-term care, and prescription drugs. . More than half of the 3,300 people interviewed in February and March reported being “very concerned” about the news.
In fact, five out of the top 10 factors cited as most relevant were related to cost. Outside of the top three, people cited the cost of health insurance and Medicare (52%), and the cost of dental care (45%). Financial fraud and fraud came in fourth place (53% concerned). What was less of a concern were the issues that get a lot of attention, including isolation, obesity and ageism.
In an election year, “our election sends a very clear message that seniors are concerned about health care costs and will look to elected officials to discuss what they have done or plan to do to save those costs,” said John Ayanian. director of the University of Michigan Center for Health Policy and Innovation.
Elderly people have good reason to worry. One in 10 adults (about 6 million people) has an income below the federal poverty level. About 1 in 4 rely solely on Social Security payments, which average $1,913 per month per person.
Although inflation has fallen from its peak in 2022, prices have not fallen, putting pressure on seniors living on fixed incomes.
Meanwhile, traditional Medicare does not cover several services that millions of seniors need, such as dental care, vision care, or help at home from aides. Although private Medicare Advantage plans provide coverage for these services, benefits are often limited.
All this makes it possible for older people to have access to good health. Newly published research from the Commonwealth Fund’s 2023 Health Care Affordability Survey found that almost a third of people aged 65 and over reported having trouble paying for care. of health, including Medicare premiums, medications and costs associated with obtaining medical services.
1 in 7 adults reported spending a quarter or more of their average monthly budget on health care; 44% used between 10% and 24%. Seventeen percent said they or a family member had lost care in the past year for financial reasons.
The Colyers of Pleasureville are one of them. They both need new dentures and glasses, but can’t afford to pay thousands of dollars out of pocket, Connie said.
Gretchen Jacobson, vice president of the Medicare program at the Commonwealth Fund, Gretchen Jacobson said: Similarly, “the higher the cost of health care, the more difficult it is to get basic needs.”
This is of particular concern because older people are more prone to illness and disability than younger adults, resulting in greater demand for care and higher costs. In 2022, adults on Medicare spent $7,000 on medical services, compared to $4,900 for people without Medicare.
Not included in this figure are the costs of assisted living or long-term care in nursing homes, which Medicare also does not cover. According to a recent Genworth study, the annual cost of a private room in a nursing home was $104,000 in 2023, while assisted living reached $64,200, and weekly services of from home health aides was $75,500.
Many seniors cannot afford these long-term care options or other major medical expenses out of pocket.
“Seventeen million adults have incomes below 200% of the federal poverty level,” said Tricia Neuman, executive director of the Medicare Policy Program for KFF. (That’s $30,120 for a one-person household in 2024; $40,880 for a two-person household.) “For people living on that amount, the risk of high costs is very scary.”
How to deal with unexpected expenses in the future is a question that worries Connie Colyer. Her monthly premiums for Medicare Parts B and D, and the supplemental Medigap plan add up to $468, or 42% of her $1,121 monthly income from Social Security.
With a mortgage of $523 a month, and more than $150 a month in monthly payments for her inhalers and her husband’s heart medication, “we couldn’t make it if my husband he was unemployed,” he told me. (James’ monthly Social Security payment is $1,378. His payments are the same as Connie’s and his income fluctuates depending on the weather. In the first five months of this year, it was closer to $10 000, Connie told me.)
The couple makes too much money to qualify for programs that help seniors pay for out-of-pocket Medicare costs. About 6 million people are eligible but not enrolled in Medicare Savings Programs. Those with very low incomes may receive dual coverage from Medicaid and Medicare or other types of assistance with housing costs, such as food stamps.
Seniors can check their eligibility for these and other programs by contacting their local Center, National Health Insurance Assistance Program, or benefits enrollment center. Enter your ZIP code into the Eldercare Locator and these and other senior care organizations in your area will come up.
Getting older people to step up and ask for help is often not easy. Angela Zeek, director of health and government benefits at Legal Aid of the Bluegrass in Kentucky, said many seniors in her area don’t want to be considered poor or unable to pay their bills. which destroys their pride. “What we are trying to say is, ‘You have worked hard all your life, you have paid your taxes. You have returned this government so there is nothing wrong if the government helps you a little.'”
And the unfortunate truth is that there is little, if any, help available for seniors who are not poor but have moderate incomes. While the need for new dental, vision, and long-term care benefits for seniors is widely recognized, “the question is how to pay for it,” said KFF’s Neuman.
This issue will become an even bigger issue in the coming years due to the increasing number of elderly people.
However, there is some relief: Help with Medicare drug costs is available through the Affordable Care Act of 2022, although many seniors have yet to realize it. This act allows Medicare to negotiate prescription drug prices for the first time. This year, out-of-pocket costs for medications will be limited to $3,800 for most beneficiaries. Next year, a $2,000 out-of-pocket allowance for drug costs will go into effect.
Frederic Riccardi, president of the Center for Medicare Rights said: “We’re already seeing people who had very high drug costs in the past save thousands of dollars this year. And next year, it will get even better.
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