Six in 10 Medicare recipients aged 65 or more years are concerned about future healthcare costs, according to a survey of more than 1,100 Medicare enrollees conducted by MedicareGuide.com.
When asked to rank their healthcare expenses from highest to lowest, respondents selecting rankings for each expense most often cited health insurance (33%), dentist bills (19%) and prescription drugs (16%) as their highest expenses. Next on the list were inpatient hospital bills (9%), long-term care (5%), outpatient hospital bills (4%), and doctor bills (4%).
Half of respondents also are worried a major health situation could lead to bankruptcy or debt.
Perhaps most concerning for senior housing operators, however, was the finding that nearly one-third of respondents would use retirement savings to treat a severe illness such as COVID-19. This would, of course, like affect an older adult’s ability to move into or stay in a senior living community.
“This survey data reveals that a majority of Medicare beneficiaries worry about personal finances as it relates to healthcare and their future,” said Jeff Smedsrud, co-founder of HealthCare.com and head of its coverage business.