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Older Americans cutting back on healthcare spending

Posted On Tue, January 17, 2012

The Employee Benefit Research Institute stated in a report that more Americans over the age of 50 are cutting back on their healthcare expenses.

In total, 21.5 percent of these consumers noted they cut back on prescription drug fees, according to the report. More than 19 percent specified that they didn't go to the doctor when they needed to because of the fees involved. Nearly 28 percent said they had issues paying for bills each month because of healthcare costs. Close to 30 percent of older Americans who reportedly were in poor health had to change their prescription payments.

"We know that consumption tends to fall with age, but it's difficult to measure whether falling consumption is voluntary,” said Sudipto Banerjee of EBRI, and author of the study. "However, we found evidence that a significant segment of the older population may be making spending adjustments to their health care in order to save money."

Consumers who are unhappy with the amount of money they pay for health insurance may benefit from selecting health insurance rates online. It may be easier to see what they can get, as they can more easily compare options.

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