Americans fear a future where they will age without adequate social supports for older adults.
According to the new Aging in America Survey, released Tuesday, the vast majority of people under 65 (73%) fear Medicare won’t be there to support them in their time of need. This is a jump from 67% in 2022.
The survey, conducted by West Health, a nonprofit organization that supports aging adults, in partnership with Gallup, highlights the growing fear many have of not being able to afford the health care costs associated with a longer life.
Eighty percent of Americans surveyed under age 62 are concerned about the future of Social Security, and 86 percent of respondents ages 40 to 49 don’t think the funds will be available when they reach the age of eligibility. Overall, two-thirds of respondents don’t think the United States has adequate policies and support for older adults, and experts say their fears are not unwarranted.
With the number of people 65 and older expected to nearly double over the next 40 years and reach 80 million by 2040, some experts predict there won’t be enough programs in place to support them.
According to a report of the U.S. Department of the Treasury, the Old Age and Survivors Insurance Trust Fund (OASI) and the Disability Insurance Trust Fund (DI), known as Social Security, will be depleted by 2035 and will not be able to to fully and quickly support older people. The Medicare Hospital Insurance (HI) Trust Fund will not be able to meet demand by 2036.
“Threats against Health Insurance and Social Security loom large, and people are concerned that policymakers are not doing enough to protect and strengthen them,” Timothy Lash, president of West Health, said in a statement. Press release. “These safety net programs are part of the fabric of aging that millions of older Americans rely on, so any potential disruption or question marks around them are cause for alarm and deserve greater attention and greater action from policymakers. »
Practical solutions are timely, and more and more Americans are eager to nominate someone who will assure them that supporting aging Americans is a priority for them. The majority, 57 percent, of respondents said they were somewhat or much more likely to support a candidate who prioritizes policies supporting the well-being and futures of older adults.
The survey also highlights that Americans are now struggling to pay for health care: One in five Americans say health care costs are a major financial burden, especially the cost of prescription drugs. Financial stress related to health care has likely played a role in the growing number of mental health issues facing older Americans.
The survey found that one in five adults aged 65 and over said their mental health had deteriorated in the past three years. One in five people also say they can identify a time when they would have 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 problems compared to those under 50.
“Americans are clearly worried about what the future holds for them as they age. Will Social Security and Medicare still exist? Will they be able to pay their medical expenses? Will the government help address their concerns? » Shelley Lyford, CEO of West Health, said in the release. “The answer to all of these questions should be yes, and policymakers should act quickly to give Americans a reason to vote and less to worry about.” »
Lash tells Fortune in an email interview, now is the time to secure funding for the future of older people in the decades to come. “We must act now to protect Medicare and Social Security and not give Americans reason to believe that these essential programs will ever disappear,” he said. “We must also safeguard and expand the health care provisions in the Inflation Reduction Act and, beyond that, better adapt care to an aging population, work to reduce health care costs for all at as they age and establish true parity in the American health care system. between physical and mental health.
West Health and Gallup surveyed more than 5,000 U.S. adults across the country and considered a higher proportion of people 65 and older.
To learn more about Medicare and the age wave:
