How Well Insured Are Older Americans?

Erin Henry, John Jones and Pauline Sow

Richmond Fed Economic Brief, 2023, vol. 23, issue 19

Abstract: Using a combination of survey and administrative data, we calculate the portion of medical expenditures that retirees pay out of pocket. We find that retirees are mostly well insured against medical spending risk, with over 80 percent of their spending covered by Medicare, Medicaid or other insurers. We also find, however, that individuals with extremely high medical expenses pay a larger — not smaller — share out of pocket than those with more average expenses. Much of this difference is attributable to nursing home stays, which are typically uncovered by most insurers.

Keywords: insurance; health insurance; medical spending; demography (search for similar items in EconPapers)
Date: 2023
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