2025 Medicare and Retirement Report

More than 66 million Americans have Medicare, a federal health insurance program for Americans age 65 and older, as well as younger Americans with certain disabilities or health conditions. But according to a new NerdWallet survey, many enrollees are worried about its longevity: 70% of Americans with Medicare say they’re concerned about Medicare benefits being reduced in their lifetime. This isn’t an unfounded fear: This year’s Medicare Trustees Report shows the trust fund that backs Medicare Part A running out just eight years from now.

The NerdWallet survey of more than 2,000 U.S. adults, among whom 741 have Medicare coverage, conducted online by The Harris Poll, asked enrollees about their satisfaction with their existing coverage. We also asked about where Medicare falls short and how confident Americans feel about being able to access coverage in the future.

• A majority of Medicare enrollees are happy: Most Americans with Medicare (86%) are satisfied with their current coverage, and this satisfaction level is consistent for those with Original Medicare (87%) and Medicare Advantage (87%).

• Medicare denials aren’t very common and few appeal: One in 10 Medicare enrollees (10%) have had a Medicare claim denied, and just 5% of enrollees have appealed a denied claim.

• Many Americans anticipate cuts in the near future to Medicare, Social Security: Nearly two-thirds of Americans (64%) think Medicare benefits will be reduced under the current administration, and 61% think this of Social Security benefits. 

• Two-thirds of Americans not yet at retirement age believe Medicare, Social Security will exist when they turn 65: According to the survey, 64% of Americans under age 65 think Medicare benefits will still be available when they turn 65, and the same proportion (64%) say this about Social Security benefits.

“It’s really encouraging to see that a high percentage of Medicare enrollees are happy with their coverage,” says Kate Ashford, a personal finance expert at NerdWallet. “At the same time, there’s evidence of real concern about the future. Even though many Americans are worried that both Medicare and Social Security benefits could be cut under the current administration, most people under 65 think these programs will be there when they retire. So while there’s anxiety, many people still believe these safety nets aren’t going anywhere.”

Medicare enrollees are overwhelmingly happy with their chosen plans. According to the survey, 86% of Americans with Medicare are satisfied with their current coverage. This satisfaction rate was the same for those with Original Medicare (87%) and those with Medicare Advantage (87%), indicating that most enrollees likely made a good decision based on their health care needs.

Not everyone is confident about their choice though. Nearly a third with Medicare (31%) are unsure if they chose the right coverage for them.

Most Americans with Medicare likely found it easy to find and access a plan — just 22% of enrollees say it was difficult to sign up for Medicare. But if you’re unsure about the best plan to pick for your situation, there are resources available to help.

According to the survey, 21% of Medicare enrollees say a broker or counselor helped them choose their current plan. If your own research is leading to more confusion than clarity, contact your State Health Insurance Assistance Program (SHIP) office for free, unbiased counseling on Medicare options.

For additional help, compare plans on Medicare.gov or seek assistance from a Medicare insurance agent. If you speak with an insurance broker, aim for someone who sells both Medicare Advantage and Medigap plans from all the major providers in your area. (You can likely find this information on their website or call to confirm.) It’s also a good idea to verify their license with your state insurance department.

“There is no one ‘best’ plan that beats all the other plans — the best Medicare plan for you will depend on your individual needs,” Ashford says. “You’ll want to find a plan that includes your preferred doctors and hospitals and covers your prescription medications, among other things. If you’re choosing between Original Medicare and Medicare Advantage and you’re unsure, take advantage of your local SHIP for help, because your choice can have long-term impact.”

While Medicare enrollees are pleased with their coverage overall, some have had issues getting their medical providers to accept their Medicare Advantage plan. According to the survey, 10% of Medicare Advantage enrollees have had a medical provider drop their plan and 6% have struggled to find a provider that accepts their Medicare Advantage plan in the past. Some with Medicare Advantage have even had a Medicare plan discontinued (8%).

Just 1 in 10 Medicare enrollees (10%) say they’ve had a Medicare claim denied, and 5% of enrollees have appealed a denied claim, according to the survey. (This doesn’t mean that half of denied claims are appealed, but rather that half of those who had one or more claims denied appealed at least one of those denials.)

According to a 2025 report from KFF, a health policy nonprofit, less than 12% of Medicare Advantage denied prior authorization requests were appealed in 2023. This is despite the fact that most of the appeals (82%) were successful. It’s entirely possible that the appealed claims had a higher-than-average error rate, leading the enrollee to challenge them. Still, the high success rate of appeals indicates that appealing a denied claim may be worth the effort.

The KFF report found higher claim denial rates (29% in 2023) and lower success in appeals (29% in 2022) with Original Medicare. This suggests that those with Original Medicare are less likely to benefit from appealing a denied claim. However, as the report points out, Original Medicare requires prior authorization requests for fewer services, so it’s not a perfect comparison.

Health care costs are extremely high and may be unrealistic to pay out of pocket, particularly for those on a fixed income. If you have a Medicare claim denied and it’s not clear why, consider appealing. And talk to your doctor; they’ll likely be willing to advocate for you to get the services you need covered.

“It’s worth your time to appeal a denial if it’s important, especially if you have Medicare Advantage,” Ashford says. “The communication from your insurer will include instructions and deadlines, so read your mail carefully. And document every step of the process — who you speak to, when you speak to them, what they said — so you can refer back later.”

Medicare is an esteemed social safety net program, providing Americans of retirement age with accessible health care. But without intervention, the possibility of benefits being reduced is an immediate concern.

According to the survey, nearly two-thirds of Americans (64%) think Medicare benefits will be reduced under the current administration. But even if this doesn’t happen, Medicare isn’t safe from cutbacks long-term. According to the 2025 Medicare Trustees Report, the current estimate is that the Medicare Hospital Insurance Trust Fund (a fund used only for Medicare Part A and funded by payroll taxes, income taxes on Social Security and other sources) will run out in 2033, just eight years from now and three years sooner than last year’s projections. When the fund is depleted, it’s estimated that hospital insurance benefits would be reduced to 89%.

The survey also found that 64% of Americans under age 65 think Medicare benefits will still be available when they turn 65, and they’re likely right. The depletion of the trust fund doesn’t mean Medicare goes away entirely, since workers continue to contribute to it through payroll (FICA) taxes. Rather, those benefits would still exist, but be reduced.

Another social safety net program funded through payroll taxes is Social Security — retirement benefits for retired workers as young as 62, their families and people with disabilities. The survey finds that 61% of Americans think Social Security benefits will be cut under the current administration.

Social Security also has a trust fund that’s expected to run out in the next decade. According to the 2025 Social Security Trustees Report, the combined Social Security Old-Age and Survivors Insurance and Disability Insurance Trust Funds are expected to run out in 2034, one year earlier than projected in last year’s report.

The survey finds that 64% of Americans under 65 think Social Security benefits will still be available when they turn 65. Like with Medicare, this is probably true. But without intervention, Social Security payments may be lower than expected for many of these Americans. At the depletion of the trust funds, it’s estimated the benefits would be reduced to 81%.

It’s entirely possible that Medicare and Social Security will be available for eligible Americans once they hit 65 — or as early as 62, in the case of Social Security — but it’s also likely that these benefits could decrease over time. Whether you’re decades from your golden years or retirement is right around the corner, it’s a good idea to take action to get your finances in order.

Competing financial priorities can make it overwhelming to get your arms around your money. But we recommend doing a few things concurrently to put yourself in a better position for the future: paying off debt, saving for emergencies and investing for retirement. Each of these will help you weather whatever comes next, even if Medicare and Social Security benefits are reduced in years to come.

“You can’t control what happens to Medicare or Social Security later, but you can take steps now to put yourself in a good financial place,” Ashford says. “Even small moves can make a big difference over time — saving a little more, spending a little less and making sure you have a cash cushion for unexpected expenses. The goal is to give your future self more options, no matter what comes your way.”

This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from July 8-10, 2025, among 2,087 U.S. adults ages 18 and older, among whom 741 have Medicare. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].