Between 34.6% and 50.7% of Medicare beneficiaries with modest incomes may lack sufficient to cover a hospital stay out of pocket, according to a study published Oct. 29 in Annals of Internal Medicine.
Researchers from Philadelphia-based University of Pennsylvania analyzed data from 4,881 Medicare beneficiaries in 2018 to assess how many would face financial hardship from a $1,600 hospital bill. The analysis considered checking and savings account balances, total liquid assets and supplemental insurance.
On average, 45% of beneficiaries could not afford the Medicare hospital deductible.
Financial precarity was most prevalent among beneficiaries who are Black or Hispanic, those with more than three chronic conditions, or those whose highest level of education is a high school diploma.