The decline in the number of older adults with both private and Medicare coverage has resulted in an increase in the share of those relying solely on Medicare. In 2017, only 49.1% of adults aged 65 and older had both private and Medicare coverage, compared to 50.9% in 2022. However, by 2022, the percentage of older adults with Medicare coverage alone had increased to 54.8%, a significant increase from the previous year.
This trend suggests that more older adults are relying solely on Medicare for their healthcare needs, indicating a shift away from supplementing their coverage with private insurance. Despite this, the percentage 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.
The decrease in dual coverage among older adults has been attributed to several factors, including rising healthcare costs and changes in healthcare policies that have made it more difficult for individuals to afford private insurance. Additionally, many older adults may prefer to stick with their current level of coverage rather than making significant changes to their healthcare plans.
Overall, this shift towards relying solely on Medicare for healthcare needs among older adults highlights the importance of ensuring that Medicare remains adequate and accessible for all eligible individuals.
