Americans Worry Medicare Can’t Handle the Rising Elderly Population

A recent Harris Poll reveals Americans are worried that Medicare and Social Security will be unable to accommodate the increasing elderly population as medical advancements extend life expectancies. The survey queried 2,232 U.S. adults online in January of this year, finding that 51% of adults think the U.S. health care system won’t be equipped to handle the sizable elderly population which is likely to include significant numbers of patients with chronic health conditions. Only 24% of those surveyed have faith the health care system can handle the burden. The same percentage indicated they weren’t sure. A 2015 Kaiser Family Foundation report predicts, based on U.S. Census data, that the population aged 65 and older will double between 2010 and 2050 while the number of those 80 or older will triple and the amount of people reaching 90 or above will quadruple. That report concluded that according to 2011 data, beneficiaries 80 or older account for 33% of Medicare spending, while those aged 65-69 generate only 15% of Medicare spending. The report notes that beneficiaries aged 80 or older are likely to have one or more chronic conditions giving rise to higher Medicare expenditures. The Harris Poll survey also indicated that 59% of survey participants reported they think Medicare funding will run out and 58% don’t expect to be able to collect any benefits from Social Security. Those percentages exceed 70% for younger individuals falling into the Millennial and Gen Xer classifications. When consulted about potential solutions, reducing Medicare benefits was the least preferred option (by only 7%). Most preferred solutions included having people work past the age of 65 and raising the age at which individuals are eligible to receive Social Security and Medicare benefits. Only 24% surveyed were in favor of increasing taxes to meet the costs. Even among older Americans, retiring later than 65 was a preferred resolution over increased taxes or raising the age of Medicare and Social Security eligibility. Most Americans don’t have faith that Medicare and the health care system can handle the burden of an increased aging population; but more are willing to work later in life rather than pay more taxes to support the demands.