Taking care of our health is an important part of living long, fulfilling lives. Doing so involves eating a balanced diet, exercising regularly, and getting preventive and routine medical care. However, medical care can be expensive as healthcare costs have continued to rise over the years.
In fact, U.S. healthcare costs totaled over $4 trillion in 2020 and made up about 20% of the country’s gross domestic product (GDP). Compare that to 1960, when healthcare costs for the country were only $27 billion—5% of GDP. If you translate those figures for individuals, the annual healthcare cost for people in 2020 was $12,530 per person, compared to only $150 per person in 1960.
Increasing healthcare costs affect everyone, but they can particularly affect the elderly. In this article, we’ll look at the effects of rising healthcare costs to older adults.
How Rising Healthcare Costs Impact Older Adults
Access to healthcare for older adults is incredibly important since we tend to develop more health issues as we age. However, it’s also crucial that this access to healthcare is affordable. Many older adults rely on Medicare for their healthcare needs and Social Security payments to cover the rest of their expenses. However, sometimes what they need isn’t covered and they must pay out of pocket. Here are some of the ways that rising healthcare costs affect older adults:
- Paying More – First and foremost, high healthcare costs mean that older adults are paying more for the care that they require. This means they are using more of their Social Security benefits and retirement funds on health-related expenses and not on other things. Medicare is supposed to provide universal coverage for older adults, but 20% of individuals 65 or older in the United States report paying over $2,000 in medical costs out-of-pocket each year.
- Postponing or Skipping Appointments – High healthcare costs can also cause seniors to postpone or skip their appointments, including dental care. When older adults skip or postpone their medical appointments, they don’t get the attention or care that they need. They also miss out on preventive care that could keep further issues from arising. Because they are not getting the medical attention they need, this can cause the health of older adults to suffer. It can also result in additional health issues developing.
- Skipping Medication – Similarly, older adults sometimes skip taking or refilling their medication on account of high costs. Sometimes, they may not be able to afford more medication and need to wait to refill their prescriptions. However, this can result in significant medical issues when they don’t get the medicine they require. It can also lead to more healthcare costs later on if their health declines as a result of the lack of medication.
At Celebrate Senior Living, we are committed to celebrating the moments, victories, and memories that will last a lifetime for our residents and their loved ones. We are a Midwest-based foundation that serves Illinois and Indiana residents by offering Independent Living, Assisted Living, Memory Care, and Skilled Nursing living options. We also provide three delicious, healthy meals a day to ensure our residents get the nutrients they need!
If you or a loved one are interested in senior living options, schedule a tour with us today! You can also learn more by exploring our communities, which include South Holland, Niles, and Fort Wayne, or by contacting us with any other questions!