Americans who rely on Medicare to pay for hospital stays are often unable to pay the cost of the standard deduction, sometimes producing a financial shock.
Researchers at the University of Pennsylvania Perelman School of Medicine found that almost half of such patients have insufficient funds to pay the $1,600 payment, the standard out-of-pocket cost.
Even beneficiaries with incomes above the federal poverty level sometimes cannot meet this expense after depleting their savings, according to the study results published in the Annals of Internal Medicine.
However, the financial burden extends far beyond just the poorest Americans. “Many Medicare beneficiaries with modest incomes are at risk for financial hardship from costs of a single hospital stay,” the researchers wrote.
“Nationally, 36 percent of beneficiaries report difficulty paying medical bills or delaying care due to cost concerns, and those with multiple chronic conditions and serious illnesses are at particular risk for high out-of-pocket costs and economic hardship,” they noted.