What Are Older Americans Concerned About? Health Care Costs

Health care costs are a big worry for older Americans these days – especially with inflation. A recent survey by the University of Michigan’s National Poll on Healthy Aging shows that most people over 50 are deeply concerned about the rising costs of medical care. These costs are now a top worry for many seniors, even more than other health-related issues, according to CNN.

The survey reveals that more than half of seniors are anxious about the expenses related to medical care, assisted living and prescription medications. Dr. John Ayanian, who heads the University of Michigan Institute for Healthcare Policy and Innovation, put it plainly: “In this election year, these findings offer a striking reminder of how much health care costs matter to older adults”​.

The financial strain is causing real problems. Many seniors have had to delay or skip necessary treatments because of the cost. More than a quarter have postponed dental, vision or hearing care, and some have cut back on essential medications ​​. This isn’t just bad for their physical health; it also adds to their emotional and mental stress.

There are also differences in how these costs affect various groups. For instance, women tend to be more worried about the costs of home care and assisted living than men. Additionally, Black seniors are more concerned about racial discrimination and unequal access to health care compared to their White and Hispanic peers.

Indira Venkat, AARP senior vice president of research, highlighted the widespread impact of these financial challenges, saying in a press release: “This survey validates AARP research that shows affording health care is a kitchen table issue among older adults, their families, and their caregivers. It is critical that we continue improving health care access and affordability for the millions of Americans struggling to pay for insurance premiums and copays, prescription drugs, and long-term care while putting food on the table and paying bills.”

Hopefully, some help is on the way. The 2022 Inflation Reduction Act caps the out-of-pocket costs for some medications, saving people in the Medicare program potentially thousands of dollars a year.

Have you grown more concerned with health care costs as you’ve gotten older? Share your story here.