eHealth Survey Finds 95% of Medicare Beneficiaries Worry About Impact of Inflation on Health Care Costs
45% say health care costs have already increased due to inflation while 86% believe Medicare should negotiate with drug companies to reduce costs
SANTA CLARA, Calif., July 28, 2022 /PRNewswire/ -- eHealth, Inc. (NASDAQ: EHTH) (eHealth.com), a leading online private health insurance marketplace, today released a survey showing that 95% of Medicare beneficiaries are worried about the impact of inflation on health care costs. Nearly half (45%) of the 2,500 Medicare beneficiaries surveyed say their health care costs have already increased due to inflation.
The survey, conducted before news of a possible compromise Senate bill to address drug costs under Medicare, also shows that 86% of seniors support government involvement in negotiating drug prices. Nine out of ten of those surveyed are living on a fixed income.
"Seniors on a fixed income are particularly vulnerable to inflation's impact on health care costs," says eHealth CEO Fran Soistman. "Our survey shows the consequences of inflation are immediate and that senior citizens are concerned about their ability to afford monthly premiums and other health care costs."
Insights from eHealth's report:
- Drug costs and Part B premiums top the list of concerns: When it comes to health care cost inflation, the top two worries of Medicare beneficiaries are increased prescription drug costs and increased Medicare Part B premiums, each cited by 65% of respondents.
- Seniors believe government involvement could help reduce costs: 88% say that reducing drug costs now would help lessen their worries about health care cost inflation. Slightly fewer, 86%, want more government involvement in reducing drug prices.
- Many are financially vulnerable to higher premiums and drug costs: About half (49%) of Medicare beneficiaries say an increase of 10% or less in their Medicare premiums would make their coverage unaffordable; a similar figure (52%) say an increase of 10% or less would make their prescription drug costs unaffordable.
Read the full report.
eHealth's report is based on a voluntary survey of Medicare beneficiaries who purchased Medicare health insurance plans through eHealth. The survey was conducted in July of 2022 and a total of 2,519 responses were collected.
eHealth, Inc. (NASDAQ: EHTH) operates a leading health insurance marketplace at eHealth.com and eHealthMedicare.com with technology that provides consumers with health insurance enrollment solutions. Since 1997, we have connected more than eight million members with quality, affordable health insurance, Medicare options, and ancillary plans. Our proprietary marketplace offers Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business, and other plans from approximately 200 health insurance carriers across fifty states and the District of Columbia.
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