The data: FAIR Health’s new national survey revealed that healthcare costs are a major decision-making driver for older consumers. The survey was conducted on two groups: One of 1,005 respondents 65+ and the other of 507 caregivers 18+.
Why it matters: The lack of transparency around healthcare costs poses the highest risk to older adults than any other generation.
But at the same time, it seems older adults might be less likely than younger adults to put off care due to cost concerns. That’s probably because older adults have more certainty around insurance coverage because of Medicare, while it can be more variable for adults under private health plans.
Nevertheless, healthcare costs are soaring, making healthcare less affordable overall.
What’s next? While healthcare costs are subject to market forces out of consumers’ control, digital healthcare payments solutions could help build back consumer trust and healthcare engagement by bringing greater transparency around the entire healthcare financial experience.