Older adults are extremely worried about affording their health care, concerned they will not be able to pay for the care they need, reports Judith Graham for KFF Health News. Health care affordability is top of mind for older adults as they see prices rising for all their basic needs.
The National Poll on Healthy Aging found that people over 50 had three major health care concerns: costs, costs and more costs. The cost of medical care, the cost of long-term care and the cost of prescription drugs. People were “very concerned” about these costs.
People surveyed had other concerns, also related to costs, including the cost of health insurance and Medicare and the cost of dental care. They were also concerned about financial scams.
People were less concerned about loneliness, being overweight and age discrimination.
It’s not surprising that older adults are so concerned about health care costs. Twenty-five percent of older adults depend entirely on Social Security for their income, which averages $1,913 a month for an individual. Ten percent of older adults have annual income below the federal poverty level.
Older adults cannot rely on Medicare, be they in Traditional Medicare or a Medicare Advantage plan, to cover their dental, vision or hearing care or their long-term care. Medicare only covers limited care in a skilled nursing facility or at home if you meet certain criteria. And though Medicare Advantage plans like to tout the dental, vision or hearing care they cover, they tend to offer very limited benefits that are of little help to covering the costs of the services people need.
People often go without dental care and eyeglasses since Medicare does not cover them. On average, people with Medicare spend about $7,000 a year on medical care. Younger people spend about $4,900 on average.
People also struggle to pay for long-term care. Nursing home care costs $104,000 on average in 2023. Care in an assisted living facility costs $64,200 on average in 2023. Services at home from home-health aides cost $75,500 a year on average.
A large proportion of older adults–17 million–live on less than $30,120 a year ($40, 880 for a couple,) twice the federal poverty level. After you pay for Medicare Part B and D premiums and a Medicare supplemental policy, millions of people with Medicare have spent more than 4o percent of their monthly Social Security check, about $468 out of $1,121.
Medicare Savings Programs can help cover Medicare premiums and out-of-pocket costs. You can apply through your Medicaid office. You qualify based on your income and assets, but many people are unaware of the programs. Six million people qualify who are not enrolled, according to Graham.
You can check out additional programs that lower your health care costs here.
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