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Racial Differences in the Medical Spending of Older Americans, No. 24-31

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Racial Differences in the Medical Spending of Older Americans, No. 24-31

DATE: October 2024

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ABSTRACT:

The medical expenses of older Americans are covered by multiple payors. In most cases, the principal payor is Medicare, a federally funded health insurance program for those 65 and older. However, additional payments may be made out of pocket by the household itself, by individually purchased or employer-provided private insurance, by Medicaid (a government program for poorer households), or by other smaller public or private payors. Also, some medical expenses are simply defaulted on and go unpaid.

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Federal Reserve Bank of Richmond. "Racial Differences in the Medical Spending of Older Americans, No. 24-31" in Economic Brief (October 2024). https://fraser.stlouisfed.org/title/6034/item/678397, accessed on November 30, 2024.

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