Income disparities and Medicare Beneficiaries.

 

A recent report by the Kaiser Family Foundation (KFF) sheds light on the income and asset distribution of Medicare beneficiaries, highlighting potential disparities and vulnerabilities within this population. Here are some key takeaways:

Income:

• Median income: In 2023, half of all Medicare beneficiaries had incomes below $36,000 per person.
• Low-income beneficiaries: One in four beneficiaries lived on incomes below $21,000 per person.
• Variations: Median income declined with age, was lower for women than men, and substantially lower for Black and Hispanic beneficiaries compared to White beneficiaries.

Savings:

• Median savings: Half of all beneficiaries had savings below $103,800 per person.
• Low-savings beneficiaries: One in four had savings below $16,950 per person, and 10% had no savings or were in debt.
• Disparities: Similar to income, median savings were lower for women, Black, and Hispanic beneficiaries compared to White beneficiaries.

Key Points:

• Financial vulnerability: The report highlights the financial vulnerability of a significant portion of Medicare beneficiaries, especially those with lower incomes and limited savings.
• Disparities: The data reveals concerning disparities in income and savings across different demographic groups, raising concerns about equitable access to healthcare and potential challenges affording care.
• Policy implications: These findings can inform policymakers and stakeholders in designing healthcare policies and programs that address the needs of this diverse population and ensure equitable access to quality care.

Additional Resources:

• KFF Report: https://www.kff.org/medicare/issue-brief/income-and-assets-of-medicare-beneficiaries-in-2023/
• Medicare Rights Center: https://www.medicarerights.org/
• If you believe you fall with in the low income bracket and would like to see if you qualify for Extra Help and additional benefits Click Here and a licensed agent will be in contact.