Women, younger retirees most concerned about future health care
The good news is that people get less scared the older they get.
Considering their longer expected lifetimes, it’s not surprising that women are more concerned than men about future health care expenses, according to a survey by MedicareGuide. Two-thirds of women said they were at least somewhat concerned about being able to pay for future care, compared to 51% of men.
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More than 1,120 people older than 65 were surveyed in October 2020 for the report.
Women were more likely to report already having trouble paying medical expenses. The survey found 18% of women had struggled to pay prescription drug costs in the last year, compared to 11% of men.
The survey found men are more proactive about saving on health care. Forty-five percent are opting for generic prescriptions instead of brand-name drugs — a decision that can save them about 85%, according to the Food and Drug Administration — compared to 42% of women. Men are also buying larger supplies of medications to get better prices: 40%, compared to 35% of women.
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However, the survey found that fears subside somewhat as people get older. Six out of 10 people between ages 65 and 74 reported feeling at least somewhat concerned about paying for future health care, compared to 55% of people 75 and older.
Political leanings and education impacted how respondents felt about financial security regarding future health care needs. Nearly two-thirds of respondents with post-graduate education felt Democrats were more likely than Republicans to protect Medicare, while 56% of those with a high-school degree felt the opposite.
Women were much more likely to say that Democrats would better protect Medicare, with 60% favoring liberal lawmakers and a third putting their faith in the GOP. Men were more evenly split (and less optimistic overall) about politicians’ support for Medicare. Forty-six percent believed Republican lawmakers would be most effective in protecting Medicare and 43% felt Democrats had the edge.
What actually happens between Democrats and Republicans on health care isn’t clear. Larry Levitt, executive vice president for health policy at the Kaiser Family Foundation, expressed doubt that the new administration would get much traction on the many promises it has made.
“With razor-thin Democratic majorities in both the House and the Senate and many other priorities in addition to health care, Biden is unlikely to succeed in accomplishing all of his health agenda,” Levitt told Kaiser Health News, an editorially independent program of KFF, in late January.
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