Concerns regarding Medicare’s potential insolvency among those under 65 have heightened, with 73% now expressing apprehension about its availability when needed, up from 67% in 2022, as per the recent West Health-Gallup 2024 Survey on Aging in America. ()
The most significant increase in worry occurred among individuals aged 50 to 64, rising by 13 percentage points to reach 74%. Additionally, a greater percentage of adults express apprehension about the future of Social Security, with 80% of those under 62 and 86% of individuals aged 40 to 49 fearing its absence once they become eligible.

According to the annual Social Security and Medicare Trustees Report released last month, there is cause for concern. Medicare’s hospital insurance trust fund is forecast to be depleted in 2036 and Social Security’s trust funds are expected to run dry in 2035, making the programs unable to pay full benefits to retiring Americans.

Concerns Mount Over Threats to Medicare and Social Security

“Threats to Medicare and Social Security loom large, and people are worried policymakers won’t do enough to protect and strengthen them,” says Timothy Lash, President, West Health, a nonprofit focused on healthcare and aging. “These safety net programs are part of the fabric of aging that millions of older Americans rely upon, so any potential disruption or question mark around them is cause for alarm and deserving of greater attention and action from policymakers.”

Most Americans do not think the government prioritizes issues affecting older adults. When asked in the survey how much the government prioritizes issues affecting older Americans, 74% say “not very much” or “not at all.” This sentiment is felt by 80% of those 65 and older. Over half (57%) of Americans report they are either “somewhat more likely” (37%) or “much more likely” (20%) to support a candidate for public office that makes issues affecting older Americans a top priority. This sentiment increases with age, peaking at 77% among those aged 65 and older.

Two-thirds of Americans feel the country is not prepared to address the overall needs of its increasingly older population. By 2034, the U.S. Census Bureau projects that there will be more Americans aged 65 and older (77 million) than under the age of 18 (76.5 million), a first in U.S. history and making up nearly a quarter of the entire population.

“The fact that such a large percentage of U.S. adults observe little prioritization of issues affecting older Americans underscores the extent to which such prioritization could influence voting preferences, particularly among those already eligible for the federal safety net programs and those that will be soon,” says Dan Witters, Research Director of the Gallup National Health and Well-Being Index.

But the Survey on Aging in America finds it’s not just the future people are worried about — they’re struggling now. An estimated 72.2 million — or nearly one in three adults — Americans have not sought needed healthcare in the last three months due to the cost, including 8.1 million Americans aged 65 and older. Nearly one-third (31%) are concerned about their ability to pay for prescription drugs in the next 12 months, up significantly from 25% in 2022. This concern is rising even faster among older Americans, who experienced an 11-point increase from 20% to 31% in the last two years.

Among older Americans, those aged 65 and above, one fifth report that their mental health has worsened (21%) compared to just 17% that said it improved.

“Americans are clearly worried about what the future holds for them as they grow older. Will Social Security and Medicare still be around? Will they be able to afford their medical bills? Will the government help address their concerns?” says Shelley Lyford, Chair and CEO, West Health. “The answer to all these questions should be yes, and policymakers should act quickly to give Americans something to vote for and less to worry about.”

Reference:

1. 3 in 4 Americans Under 65 Are Worried About Future of Medicare – (https://westhealth.org/news/3-in-4-americans-under-65-are-worried-about-future-of-medicare/)

Source-Eurekalert