KFF Health News May 21, 2024
Social Security payments and Supplemental Security Income have been instrumental in providing economic security for older adults in the US. Additionally, Medicare, which provides health insurance to 66 million people age 65 or older and younger adults with long-term disabilities, offers financial protection by helping to cover the cost of medical care, while Medicaid provides additional benefits and cost-sharing assistance to many Medicare beneficiaries with low incomes. Despite these economic and health supports, many older adults live on relatively low incomes. The average Social Security benefit is around $1,900 per month, but millions of retired workers and their spouses receive much less than that, because of lower wages earned during their working years or because they claimed benefits before their...
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