Seriously ill Medicare beneficiaries experienced substantial financial distress resulting from their illness in 2018, according to a study published in Health Affairs.
For the study, researchers examined survey data for 2018 from an original, nationally representative, probability-based sample of 742 seriously ill Medicare beneficiaries or their proxies (for example, spouses).
The analysis of data was part of a bigger study from the Harvard T. H. Chan School of Public Health, the New York Times and the Commonwealth Fund.
Five findings:
1. Fifty-three percent of Medicare beneficiaries said they experienced a serious problem paying a bill for any medical expense in 2018.
2. Bills for prescription drugs proved most burdensome (30 percent), followed by hospitalization (25 percent), ambulance service (20 percent) and emergency department visits (20 percent).
3. Financial consequences of beneficiaries' illnesses included using up all or most of their savings (36 percent); being contacted by collections agencies (27 percent); inability to pay for such basics as food and water (23 percent); and being forced to borrow money (11 percent).
4. Forty-five percent of Medicare enrollees reported psychological or emotional distress resulting from their serious illness in 2018.
5. Less than half of Medicare beneficiaries (46 percent) reported feeling adequately informed by healthcare professionals about costs covered by their insurance.
"Medicare insurance is broadly popular, but seriously ill beneficiaries who most need financial protection report widespread problems affording care and financial instability," the study authors concluded.
Read more about the study here.
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