As more older adults turn to Medicare for their healthcare needs, the number of those with private coverage has been steadily declining. In 2017, 49% of adults aged 65 and older had both private and Medicare coverage, while only 9.7% had exclusively Medicare coverage. By 2022, the percentage of older adults with exclusive Medicare coverage had increased to 31%, compared to just 18% with dual coverage. This shift away from supplementing Medicare with private insurance indicates that more older adults are relying solely on the government-funded program for their healthcare needs.
Despite this trend, a small percentage of older adults continue to have private coverage alone. In 2017, only 4.9% reported having private coverage without any additional insurance, while in 2022, this number remained relatively stable at just 5.3%. However, it is clear that more and more older adults are turning to Medicare as their primary source of healthcare coverage.
The reasons for this shift are not entirely clear, but it may be due to rising healthcare costs and the desire to keep expenses down in retirement. Additionally, many seniors may simply prefer the simplicity and stability of a government-funded program like Medicare over the complexity and variability of private insurance options.
Overall, it is clear that there has been a significant increase in the number of older adults relying solely on Medicare for their healthcare needs. While this trend is likely driven by a variety of factors, it highlights the importance of government-funded programs like Medicare in providing affordable and accessible healthcare for seniors across the country.