Many Seniors at Risk for Financial Precarity From Cost of Hospital Stay
By Elana Gotkine HealthDay Reporter
TUESDAY, Oct. 29, 2024 -- Many Medicare beneficiaries are at risk for financial hardship from the costs of a single hospital stay, according to a study published online Oct. 29 in the Annals of Internal Medicine.
Paula Chatterjee, M.D., M.P.H., from the University of Pennsylvania Perelman School of Medicine, and colleagues identified beneficiaries who would face financial precarity if exposed to the Medicare Part A hospital deductible ($1,600) in a cross-sectional study of the 2018 wave of the Health and Retirement Study. Estimates of financial precarity, defined as having insufficient funds to pay the deductible, were examined across four scenarios.
The researchers found that 45.0 percent of the 4,881 beneficiaries had insufficient funds in checking and savings accounts to pay the Medicare hospital deductible. The prevalence of financial precarity was higher for Black and Hispanic versus White beneficiaries (73.5 and 76.2 percent, respectively, versus 36.2 percent), for those with less versus more than high school education (70.0 versus 37.1 percent), and for those with three or more versus two or fewer chronic conditions (49.2 versus 39.1 percent). Overall, 50.7 percent were financially precarious when financial precarity was defined to include beneficiaries with insufficient liquid assets to pay the deductible while maintaining a $5,000 reserve for future living expenses. Thirty-nine percent remained financially precarious building off this definition to assume supplemental insurance covered the deductible.
"Broadening financial protections in Medicare to beneficiaries with moderate incomes and limited assets may achieve greater economic parity and equity among older adults by increasing assistance to those with limited savings and gaps in supplemental insurance," the authors write.
Abstract/Full Text (subscription or payment may be required)
Disclaimer: Statistical data in medical articles provide general trends and do not pertain to individuals. Individual factors can vary greatly. Always seek personalized medical advice for individual healthcare decisions.
© 2025 HealthDay. All rights reserved.
Posted October 2024
Read this next
Odds of Advanced Cancer, Breast Cancer Death Lower in Screen-Detected Disease
THURSDAY, June 5, 2025 -- For patients aged 40 years or older, screen-detected breast cancer is associated with lower odds of advanced cancer, mastectomy, and breast...
Cardiorespiratory Effects of Smoke Fine Particulate Matter From Wildfires Can Persist for Months
THURSDAY, June 5, 2025 -- The cardiorespiratory effects of smoke fine particulate matter (PM2.5), a primary wildfire emission that can spike for months after a wildfire begins...
Experiencing Sacred Moments Is Common for Internal Medicine Doctors
THURSDAY, June 5, 2025 -- For internal medicine physicians, experiencing sacred moments (brief periods of meaningful connection between clinician and patient) is common, but...
More news resources
- FDA Medwatch Drug Alerts
- Daily MedNews
- News for Health Professionals
- New Drug Approvals
- New Drug Applications
- Drug Shortages
- Clinical Trial Results
- Generic Drug Approvals
Subscribe to our newsletter
Whatever your topic of interest, subscribe to our newsletters to get the best of Drugs.com in your inbox.