Most people would rather pay more tax now than lose Medicare

Most people would rather pay more tax now than lose Medicare
Retirement health care coverage is already on the minds of millennials.
MAY 28, 2024

Since the pandemic we have all thought about health care more than ever. And where there are thoughts of health care, they are thoughts of costs.

And it seems that most Americans (84%) would rather face higher payroll taxes while there are working than lose the benefit of Medicare in their retirement years, which 94% of respondents to a new survey say they will be entitled to.  

The eHealth poll of more than 1000 Millennials and GenXers found that just 30% of respondents know what Medicare is with 35% believing it is for children and 29% believing it is only for low income families.

Among those who do know what it is, two thirds said they are worried that it will not be there for them in their retirement years. While some people are entitled to payments earlier, most recipients are 65 or older.  

A recent report from the Treasury Department revealed that the fund will be able to pay full benefits until 2036, three years later than it was predicting just a year ago. However, only the oldest of the poll participants will have retired before then and the Treasury says Medicare will only be able to fund 89% of scheduled benefits, assuming Congress does not make any changes before then.

“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.”

More than two thirds of those who took part in the survey said that access to quality, affordable healthcare would become more important to them as they age.

The report also reveals that 78% of respondents say that Baby Boomers and earlier generations were fiscally irresponsible and are leaving them to pay the bill.

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