The decline in the number of older adults with both Medicare and private coverage has contributed to a significant increase in the percentage of those relying solely on Medicare. In 2017, the percentage of adults aged 65 and older with only Medicare coverage was 10.3 percentage points lower than those with dual coverage. However, by 2022, this gap had closed, and the percentage of older adults with Medicare coverage alone had increased to 5.2 percentage points higher than those with dual coverage.
The number of older adults who exclusively had private coverage remained small and stable over time, with only 4.9% in 2017 and 5.3% in 2022 reporting private coverage alone. This suggests that more older adults are relying solely on Medicare for their healthcare needs, indicating a shift away from supplementing Medicare with private insurance among this demographic.
The trend towards greater reliance on Medicare among older adults can be attributed to several factors, including rising healthcare costs and increasing out-of-pocket expenses under private insurance plans. Additionally, many seniors may prefer to stay within the Medicare system due to its comprehensive benefits and lower cost compared to private insurance options.
Overall, the decline in the use of supplemental private insurance among older adults highlights a growing preference for Medicare as a primary source of healthcare coverage for this demographic group.
