Americans fear a future through which they get older without adequate social supports for the elderly.
The overwhelming majority of individuals under 65 — 73% — fear that Medicare won’t support them in the event that they need it, based on the Aging in America survey released Tuesday. That’s up from 67% in 2022.
The survey, conducted by West Health, a nonprofit organization supporting older adults, in partnership with Gallup, highlights the growing fear amongst many people who they’ll not give you the option to afford the health care costs of living longer.
Eighty percent of Americans surveyed under age 62 are concerned in regards to the way forward for Social Security, and 86 percent of respondents ages 40 to 49 do not believe the funds will probably be available once they reach eligibility age. Overall, two-thirds of respondents do not believe the U.S. has adequate policies and support for older adults, and experts say their fears aren’t unfounded.
With the number of individuals over 65 expected to just about double over the following 40 years, reaching 80 million in 2040, some experts predict there won’t be enough programs to support them.
According to report The Old-Age and Survivors Insurance Trust Fund (OASI) and the Disability Insurance Trust Fund (DI), generally known as Social Security, will probably be depleted by the U.S. Treasury by 2035 and can not give you the option to totally and timely support the elderly. Medicare’s Hospital Insurance Trust Fund (HI) won’t give you the option to fulfill demand by 2036.
“The threats to Medicare and Social Security are great, and people are concerned that policymakers will not do enough to protect and strengthen them,” said Timothy Lash, president of West Health, in a Press release“These social security systems are part of the fabric of aging that millions of older Americans rely on. So any potential disruption or question mark in this context is a cause for concern and deserves greater attention and action from policymakers.”
Practical solutions are needed, and more Americans need to elect someone to office who will assure them that supporting older Americans is a top priority. The majority (57 percent) of respondents said they might be more or more prone to support a candidate who prioritizes measures to support the well-being and way forward for older people.
The survey also shows that Americans are currently struggling to pay for his or her health care: one in five Americans say health care costs are a significant financial burden, especially prescription drug costs. Financial stress as a result of health care has likely played a task within the rising variety of mental health problems faced by older Americans.
The survey found that one in five adults aged 65 and over said their mental health had worsened up to now three years. One in five also said they might name an incident through which they desired to check with an expert about their mental health but never did, with older adults less prone to seek help for mental health problems than people under 50.
“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 pay their medical bills? Will the government help ease their worries?” Shelley Lyford, CEO of West Health, said in the discharge. “The answer to all of these questions should be yes, and policymakers should act quickly so Americans have something to vote for and less to worry about.”
Lash tells Assets in an email interview that now’s the time to make sure funding for the long run of older people within the a long time to return. “We must act now to protect Medicare and Social Security, and not give Americans any reason to believe that these important programs will one day disappear,” he says. “We must also protect and expand health care in the Inflation Reduction Act, and beyond that, better tailor care to an aging population, work to reduce health care costs for all as we age, and bring about true parity between physical and mental health in the U.S. health care system.”
West Health and Gallup surveyed greater than 5,000 American adults nationwide, including a bigger proportion of those over 65.
More information on Medicare and the aging wave:
