Your Medicare Patients Are Struggling

A new report from the Commonwealth Fund looked at the financial struggles of Medicare patients 65 years and older, and the results show that many still struggle with costs and coverage.¹

Researchers surveyed 1604 adults (65 years and older) who were on Medicare, and the findings illustrate that although many have government-sponsored health care, they can often struggle with obtaining and paying for care. Following are some of the key findings.

• Medicare patients are often in poverty. More than 1 in 3 participants reported incomes below 200% of the federal poverty level ($27,180 for an individual and $36,620 for a couple).
• Many Medicare patients are underinsured. About 1 in 5 (19%) respondents reported high health care costs in the past year that make them underinsured. Underinsured rates were highest (33%) for those with low incomes (< 200% of federal poverty level).
• Many cannot afford their premiums. Almost a quarter (23%) of respondents reported struggling to afford premium costs associated with their health insurance. For those with lowest incomes, almost half (48%) on traditional Medicare plans struggled with premium costs.
• Older adults on Medicare often delayed or skipped care. About 8% of participants skipped recommended tests, treatments, or follow-up visits due to cost. Similarly, about 6% did not seek care for a medical problem, and 6% likewise avoided necessary specialist visits. The study results also noted 14% did not fill prescriptions. Dental care was most affected; more than one-fourth (27%) of respondents said they delayed or avoided dental care. Overall, approximately 1 in 4 respondents reported at least 1 cost-related health care access issue.
• Medical bills and debt are troubling for patients. About 1 in 6 (18%) reported trouble paying Medicare bills and debt. This included being contacted by a collection agency, needing payment plans, or changing their way of life to pay bills.
• The study results also indicated 28% used all their savings to pay for medical bills, and 33% took on additional credit card debt to pay bills. Likely as a result, 28% also noted they had lower credit rankings.
• Individuals cannot afford non-medical necessities. Among those reporting medical bill or medical debt problems, about 1 in 6 said they had been unable to pay for necessities like food, heat, or rent.

Read more at https://bit.ly/3EZgyBc

Reference

1. Leonard F, Jacobson G, Collins SR, et al. Medicare’s affordability problem: a look at the cost burdens faced by older enrollees. The Commonwealth Fund. September 19, 2023. Accessed October 4, 2023. https://www.commonwealthfund.org/publications/issue-briefs/2023/sep/medicare-affordability-problem-cost-burdens-biennial