New research published by the Consumer Financial Protection Bureau Office for Older Americans finds that while most people 65 and older are covered with health insurance through enrollment in programs like Medicare, many are still swamped with debt.
The average amount in unpaid medical bills reported by older adults in that period was $13,800, up 20% from $11,700 in 2019. The big picture: that translates to an increase in unpaid medical bills among older adults from $44.8 billion in 2019 to $53.8 billion in 2020.But the problem persists.
"The Medicare billing process is wicked complicated," said Philip Moeller, a Medicare and Social Security expert and principalFor older adults, the cost of healthcare is significant and errors just make it more expensive.According to the most recent survey of 1,742 older adults by The Senior Citizens League, nearly half report spending more than $400 per month on Medicare premiums and out of pocket costs, including costs not covered by Medicare.
People with Medicare Advantage plans usually must have care authorized in advance, so it's less likely they will encounter rejected claims. But "they still need to be careful, especially if they want a doctor or other caregiver who is not in their plan's provider network," Moeller said.
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