Health Care Affordability and Social Security Benefits–A Comparison
Half of Medicare beneficiaries’ average Social Security income is projected to be consumed by out-of-pocket health costs by 2030, according to a new study by the Kaiser Family Foundation. This projection is up from 41% found in the prior survey edition (2013), and points to a growing problem for America’s seniors. The impact on seniors is made even more significant by the observation that the portion consumed by those 85 and older is double that of those in the 65-74 age bracket.The projections also imply a heavier burden on senior women, since women on Medicare are projected to spent more out of pocket on health care costs than men, on average.
KFF’s “analysis shows that out-of-pocket health care costs are a substantial and growing burden for many people with Medicare,” someting that does not bode well for America’s seniors. The study’s Executive Report report is available here, and the full report can be accessed here..