Lecture Notes: Older Adults Sacrificing Basic Needs Due to Healthcare Costs
Key Points Discussed:
Overview:
Issue: Older adults in the U.S. are sacrificing basic needs to afford healthcare.
Demographic: Focus on Americans aged 50 and older, particularly those aged 50-64.
Partnership: Research conducted by West Health and Gallup.
Healthcare Costs and Financial Burden:
Two-thirds of older Americans find healthcare costs to be at least a minor financial burden.
Four in ten adults report concerns about being unable to pay for future healthcare.
Adults 50-64 are especially vulnerable due to ineligibility for Medicare.
Sacrifices Made:
Basic Needs: Adults are skipping treatment, medication, and cutting back on food and utilities.
Specific Findings:
37% of adults 65+ are worried about affording healthcare services.
45% of adults 50-64 are concerned about future healthcare costs.
One in four aged 65+ and three in ten aged 50-64 reduce spending on basic needs like food, utilities, clothing, or medication to pay for healthcare.
Rising Out-of-Pocket Costs:
41% increase in out-of-pocket healthcare expenses for adults 65+ from 2009 to 2019.
Medicare Limitations: Only 94% coverage, leading to higher personal expenses.
Population Projections and Impact:
By 2030: All baby boomers will be at least 65, increasing the demand and burden of healthcare costs.
Financial Stress: Large sections of the elderly population already face stress due to these costs.
Gender and Racial Disparities:
Older Women: More likely to cut back on essentials compared to men.
Black Americans 50-64: Greater likelihood of sacrificing basic needs compared to White Americans.
Case Examples:
Doreen Ferraro: 71-year-old who delayed surgery due to high copay.
Lawana Baugus: 61-year-old worried about healthcare costs preventing hospital visits.
Arthur Falconer: 78-year-old struggling with healthcare costs against limited retirement funds.
Implications and Future Outlook:
Urgent Need: Policymakers need to address high healthcare costs to prevent basic need sacrifices.
Comparative Costs: U.S. healthcare costs are higher than other developed countries, but without better outcomes.
Conclusion:
Healthcare costs lead to sacrifices that affect the wellbeing of older adults, necessitating policy changes for better affordability and accessibility.
Survey Methodology:
Conducted by West Health-Gallup with a sample of 6,663 U.S. adults.
Margin of error at 95% confidence level: 2.2 percentage points.
Additional Resources:
West Health-Gallup 2021 Healthcare in America Report