A KFF issue brief released this week outlines income, assets, and other financial data points of Medicare beneficiaries. The issue brief, “Income and Assets of Medicare Beneficiaries in 2023,” breaks down beneficiary income and assets data down by age, race and ethnicity, and gender. According to KFF, the information used 2023 data and was based on “data derived from the Dynamic Simulation of Income Model (DYNASIM) for 2023. Due to data limitations, estimates for beneficiaries in some racial and ethnic groups, including Asian, American Indian and Alaska Native, and Native Hawaiian or Other Pacific Islander beneficiaries, as well as beneficiaries who identify as two or more races, are unavailable.”
Some key findings from the issue brief:
- One in four Medicare beneficiaries lived on incomes below $21,000 per person in 2023, while half lived on incomes below $36,000 per person.
- Median income declined with age among older adults, was lower for women than men, and lower for Black and Hispanic than White beneficiaries.
- One in four Medicare beneficiaries had savings below $16,950 per person in 2023, while half had savings below $103,800 per person.
- Median savings declined with age among those ages 65 and older, were lower for women than men, and were substantially lower for Black ($22,100) and Hispanic ($20,050) than White ($158,950) beneficiaries.
- More than one in five Black and Hispanic beneficiaries had no savings or were in debt, compared to fewer than one in ten White beneficiaries.
- Nearly half of all Black and Hispanic beneficiaries had no home equity, compared to one in five White beneficiaries.
K. Kertesz – February 8, 2024