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Medical Spending of the US Elderly
Mariacristina De Nardi1, Eric French2, John Bailey Jones3
1University College London; Federal Reserve Bank of Chicago; Institute for Fiscal Studies; National Bureau of Economic Research.
Fiscal Studies
|August 13, 2019
Summary
Medical expenses for older Americans significantly increase with age and are highly concentrated. Government insurance covers most costs, but out-of-pocket expenses remain substantial for a few individuals.
Area of Science:
- Health Economics
- Gerontology
- Public Health Policy
Background:
- Understanding healthcare expenditure patterns in the elderly population is crucial for policy and resource allocation.
- Previous research indicates significant variation in medical spending among older adults.
Purpose of the Study:
- To analyze the medical spending of Americans aged 65 and older using Medicare Current Beneficiary Survey (MCBS) data.
- To identify trends in healthcare costs, spending concentration, and the role of government insurance.
Main Methods:
- Utilized data from the Medicare Current Beneficiary Survey (MCBS).
- Analyzed medical spending patterns across different age groups and income levels.
- Examined the impact of government transfers on out-of-pocket expenses.
Main Results:
- Medical expenses more than double between ages 70 and 90.
- Top 10% of spenders account for 52% of total medical costs annually.
- Individuals with very low or very high expenses tend to remain in those categories.
- The poor utilize more medical services and have a larger share of expenses covered by government.
- Government pays over 65% of elderly medical expenses, yet remaining costs are highly concentrated.
Conclusions:
- Healthcare spending among the elderly is characterized by significant age-related increases and high concentration.
- Government insurance is substantial but does not fully cover remaining medical expenses for all individuals.
- Medical expenses incurred shortly before death are not the primary driver of overall high healthcare spending in the US.
Keywords:
H51I13I14concentration of medical spendingend‐of‐life medical spendingpersistence of medical spendingMore Related Videos
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