Gen Xers and Millennials Worry Medicare Won't Be There for Them and Are Willing to Pay More to Keep It, eHealth Report Finds

Rhea-AI Summary

A recent eHealth report reveals that a significant majority of Millennials and Gen Xers are concerned about the future availability of Medicare when they retire. The survey, which included over 1,000 participants aged 28 to 59, found that 94% believe they are entitled to healthcare coverage in retirement, and 84% are willing to accept increased payroll taxes to ensure Medicare's sustainability. Additionally, 65% of those informed about Medicare worry it may not be available for them in the future. Interestingly, 78% of respondents consider Medicare a top-three voting issue, and the same percentage believe that Baby Boomers and earlier generations have been fiscally irresponsible, leaving them to bear the financial burden. Despite these concerns, three-quarters of the respondents rate the overall US healthcare system as either 'good' or 'excellent.'

Positive

• 94% of Millennials and Gen Xers believe they are entitled to healthcare coverage in retirement.
• 84% of respondents are willing to accept increased payroll taxes to ensure Medicare's sustainability.
• 78% of Millennials and Gen Xers consider Medicare one of their top-three voting issues.
• Three-quarters of respondents rate the US healthcare system as 'good' or 'excellent.'

Negative

• 65% of informed respondents worry that Medicare won't be available for them when they retire.
• 78% of respondents feel that Baby Boomers and earlier generations were fiscally irresponsible and are leaving them to pay the bill.

94% of Gen Xers and Millennials say they are entitled to healthcare coverage in retirement

84% would accept increased payroll taxes to help ensure the future of Medicare 

65% of informed respondents worry Medicare won't be there for them when they retire

AUSTIN, Texas, May 22, 2024 /PRNewswire/ -- Millennials and Gen Xers may not be ready for Medicare yet, but they believe they're entitled to healthcare coverage in retirement and are willing to accept higher payroll taxes to preserve the program, according to new research published today by eHealth, Inc. (Nasdaq: EHTH) (eHealth.com), a leading online private health insurance marketplace.

In a survey of more than 1,000 Millennials and Generation Xers born between 1965 and 1996, eHealth found:

• More than nine in 10 (94%) say they are entitled to healthcare coverage in retirement.
• More than eight in ten (84%) are willing to pay higher payroll taxes to ensure Medicare's sustainability.
• Nearly two thirds (65%) of those who know what Medicare is worry that it won't be there for them.

"Concern about Medicare's future is no longer unique to current beneficiaries and older Americans. Our report shows that younger Americans are worried about their access to quality, affordable healthcare as they age," said eHealth CEO Fran Soistman. "In fact, most Millennials and Gen Xers say they are willing to pay more now if it means preserving this critical benefit for the future, and Medicare is one of their top-three concerns in the upcoming election."

Additional findings from the report:

• 78% of Millennials and Gen Xers say that Medicare is among their top-three voting issues.
• 78% say that Baby Boomers and earlier generations were fiscally irresponsible and are leaving them to pay the bill.
• Despite their concerns, three quarters rate the overall US healthcare system as "good" or "excellent."

Read the full report.

eHealth's original research is based on a general population survey of more than 1,000 Americans age 28 through 59. The survey was conducted through a third-party survey tool in May of 2024. Additional methodology information can be found in the report.

About eHealth (NASDAQ: EHTH)
We're Matchmakers. For over 25 years, eHealth has helped millions of Americans find the healthcare coverage that fits their needs at a price they can afford. As a leading independent licensed insurance agency and advisor, eHealth offers access to over 180 health insurers, including national and regional companies.

For more information about eHealth, visit ehealth.com or follow us on LinkedIn, Facebook, Instagram, and X. Open positions can be found on our career page.

Media inquiries: pr@ehealth.com

 

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SOURCE eHealth, Inc.

FAQ

What percentage of Millennials and Gen Xers believe they are entitled to healthcare coverage in retirement?

94% of Millennials and Gen Xers believe they are entitled to healthcare coverage in retirement.

How many Millennials and Gen Xers are willing to pay more in payroll taxes to preserve Medicare?

84% of Millennials and Gen Xers are willing to pay more in payroll taxes to preserve Medicare.

What proportion of informed Millennials and Gen Xers worry about the future availability of Medicare?

65% of informed Millennials and Gen Xers worry that Medicare won't be available for them when they retire.

What percentage of Millennials and Gen Xers consider Medicare a top voting issue?

78% of Millennials and Gen Xers consider Medicare one of their top-three voting issues.

What is the general perception of the US healthcare system among Millennials and Gen Xers?

Three-quarters of Millennials and Gen Xers rate the US healthcare system as 'good' or 'excellent.'

What do Millennials and Gen Xers think about the financial responsibility of Baby Boomers and earlier generations?

78% of Millennials and Gen Xers believe that Baby Boomers and earlier generations were fiscally irresponsible and are leaving them to pay the bill.