The population of Americans aged 65 years and older is constantly increasing. Every Baby Boomer will be 65 or older by 2030, making one in five Americans eligible for retirement. Even though older Americans are living longer and are overall healthier, most of them at least have one chronic health condition, and many have multiple health issues. Arthritis, diabetes, and cardiovascular diseases are the most common chronic diseases among older adults. The
is leading to an increase in demand for elderly health care. In the U.S., publicly funded
are the most popular programs providing healthcare for the elderly. In recent years, more and more older Americans are choosing to enroll in Medicare Advantage plans as they provide extended benefits tailored to meet specific healthcare needs.
Healthcare costs
An average healthy couple retiring in 2023, is estimated to spend 69 percent of their
social security benefits on healthcare costs throughout retirement. Most Americans have not saved enough to meet their healthcare needs. Despite having health insurance coverage, unforeseen health costs can plunge seniors into unmanageable medical debt or bankruptcy. Older adults with medical debt are more likely to skip filling a prescription and
forgo medical care, compared to those without medical debt. To limit health costs seniors often make trade-offs that can be harmful to their long-term health and finances. Healthcare expenses rise exponentially in the last few years of life, nearly ten percent of all healthcare costs in the U.S. is spent on end-of-life care.
Out-of-pocket costs for long-term care can deplete one's financial assets and even burden the family members. In 2020, older Americans were the smallest population group but accounted for nearly 37 percent of total healthcare spending.
Long-term care
Long-Term Services and Supports (LTSS) are programs that support the elderly and people with disabilities. Long-term care (LTC) facilities are crucial service providers in the continuum of care. Most of the long-term care is not medical care but rather aid and support with basic personal tasks of daily living. The elderly who get home and community-based services (HCBS) can stay in their homes and communities while receiving necessary care. Most adults aged 65 and above rely on
unpaid caregivers, such as family members, for long-term care. According to HHS research, at the age of 65, nearly six in ten senior adults will require assistance with at least two activities of daily living, 56 percent will use paid LTSS, and 39 percent will require
nursing home care. Medicaid is the largest payer for long-term care services; however, recipients frequently face substantial deductibles and copays, and the program excludes certain services. When it comes to providing healthcare for the elderly, the United States faces two key challenges: the lack of a uniform funding structure for long-term care and a shortage of care workers.
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