3 in 4 Americans under 65 worry that Medicare won’t be around for them

According to the newly released American Aging Survey released Tuesday, an overwhelming majority of people under 65-73% fear that Medicare will not be around to support them when needed. That’s a jump from 67% in 2022.

The survey, conducted by West Health, a nonprofit organization that supports older adults, in partnership with Gallup, underscores the growing fear many have about not being able to afford health care costs for longer.

Eighty percent of Americans under 62 surveyed are worried about the future of Social Security, and 86% of respondents between the ages of 40 and 49 don’t think the funds will be available when they reach eligibility age. Overall, two-thirds of respondents do not believe the US has adequate policies and supports for older adults, and experts say their fears are not unfounded.

While the number of people 65 and older is expected to double in the next 40 years and reach 80 million by 2040, some experts predict there won’t be enough programs to support them.

According to a report from the US Treasury Department, the Old Age and Survivors Insurance Trust Fund (OASI), which finances Social Security, will be depleted by 2035 and will not be able to fully support and immediately the elderly. Medicare’s hospital insurance (HI) trust fund will not be able to meet demand until 2036.

“The threats to Medicare and Social Security are huge, and people are worried that policymakers won’t do enough to protect and strengthen them,” said Timothy Lash, president of West Health, in a news release. “These safety net programs are part of the aging structure that millions of older Americans rely on, so any potential disruption or question mark about them is cause for alarm and deserves greater attention and action from policymakers.”

Practical solutions are timely, and more Americans are eager to put someone in office who will ensure that supporting older Americans is at the forefront of their minds. A majority, 57%, of respondents said they are somewhat or much more likely to support a candidate who prioritizes policies that support the well-being and future of seniors.

The survey also points out that Americans are struggling to pay for health care right now: One in five Americans say health care costs are a major financial burden, especially the cost of prescription drugs. Financial stress on health care has likely played a role in the increasing number of mental health challenges faced by older Americans.

The survey found that one in five adults aged 65 and over reported worsening mental health in the past three years. One in five also say they can identify a time when they wanted to talk to a professional about their mental health but never did, as older people are less likely to seek help for mental health issues compared to those under 50 years old.

“Americans are clearly worried about what the future holds as they grow up. Will they still be around Social Security and Medicare? Will they be able to afford their medical bills? Will the government help address their concerns?” Shelley Lyford, CEO of West Health, said in the release.

Lash tells wealth in an email interview that now is the time to secure funding for the future of seniors in the coming decades. “We must act now to protect Medicare and Social Security and not give Americans reason to think these critical programs will one day disappear,” he says. “We must also protect and expand the health care provisions in the Inflation Reduction Act, and beyond that, better adapt care for an aging population, work to lower health care costs for all as they age, and bring real equity to the US health care system. between physical and mental health”.

West Health and Gallup surveyed over 5,000 American adults across the country and considered a higher percentage of those 65 and older.

For more on Medicare and the age wave: