Survey: 60% Of Seniors Will Struggle With Health Costs Due To Medicare Hike

Survey results indicate that 60 percent of Medicare enrollees will have difficulty paying for healthcare due to rising costs. Low-income seniors are more likely to experience financial strain because of the price increase for Medicare Part B premiums. Sixty-five percent of respondents who make $50,000 or less say it will be very or somewhat difficult to afford healthcare costs. In contrast, 51 percent of people who make $100,000 or more say they will struggle to pay healthcare expenses.

The study also shows that 20 percent of Medicare recipients spend 50 percent or more of their monthly income on healthcare expenses like premiums, deductibles, and prescription drugs. Comparably, nearly 1 in 3 Medicare recipients spend roughly 20 to 30 percent of their monthly income on healthcare. Twenty-six percent of respondents say Medicare premiums are their biggest annual expense, while 20 percent say they spend more on prescription drugs each year.

"Most years, we expect a Medicare price increase, but in 2021, that increase was limited by the CARES Act in response to the COVID-19 pandemic. Now, the Centers for Medicare and Medicaid Services is playing catch-up," Senior Advisor Kelly Blackwell says. "Healthcare costs are also rising. The higher premium is expected to fund Medicare spending and keep a reserve. Additionally, the uncertainty around Medicare coverage of some drugs, like the new Alzheimer's drug Aduhelm, was another factor in the price increase."

Nearly 50 percent of respondents who will have difficulty paying for healthcare also admit that they will forgo some type of medical care because of the increased Medicare costs. Some seniors say they will most likely skip medical care that is not covered by Medicare. Forty-one percent of respondents will go without dental care, and 34 percent will forgo vision care. Consequently, 29 percent of Medicare enrollees will skip routine check-ups, while 26 percent will opt out of outpatient procedures.

MedicarePlans.com commissioned this survey to assess how seniors are responding to premium increases for Medicare Part B. The survey was administered via Pollfish, the online survey platform, and distributed to adults ages 65 and older who have health insurance through Medicare. This survey was conducted over two days starting on February 11, 2022 and ending February 12, 2022. To access the complete report, please visit https://www.medicareplans.com/after-medicares-14-5-price-increase-60-of-seniors-will-face-difficulty-affording-healthcare-in-2022/.