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October 2024

Boomers are Not Happy with Health Care in the U.S.

Blood-pressure-1584223_1280As millions of Baby Boomers transition into older adulthood, live longer than previous generations and seek ways to maintain wellness and independence as they age, a nationwide survey shows deep dissatisfaction among U.S. older adults aged 65+ with health care and the related systems and services that do not meet their needs and preferences.

Survey results show that older adults who live in rural areas and/or are women, people of color, those who are economically disadvantaged or have limited functional health are especially dissatisfied.

These are key findings of a national survey, “Meeting the Growing Demand for Age-Friendly Care: Health Care at the Crossroads,” released by Age Wave and The John A. Hartford Foundation, conducted by The Harris Poll.

“Older adults are stuck in a health care system that is not responsive to their goals and preferences. Boomers want health care that maximizes their health and ability to function, and they want their providers to listen to them,” said Terry Fulmer, president of The John A. Hartford Foundation. “It is not too late to pivot to age-friendly care, which prioritizes the needs and desires of older adults in their care plan. There are many innovative approaches to help older adults live every year to its fullest, not just increase the number of years they live.”

Four in five older adults (82%) say the U.S. health care system is not prepared for the growing and changing needs of America’s aging population. Just one in 10 (11%) give the health care system an ‘A’ grade. Instead of the status quo, older adults say they want solutions that will maximize their golden years, like interventions that make care more affordable, innovations to reduce or prevent cognitive decline and health care providers who understand what matters most to them when assessing care options.

“The United States is on the brink of an age wave of unprecedented proportions, and American health care requires a radical and immediate rethink to match our healthspans, or being able to live every year to its fullest, to our lifespans,” said international longevity and aging expert Ken Dychtwald, founder and CEO of Age Wave. “Policy and business leaders must urgently prepare for older adults making up a large and growing percentage of the U.S. population. Everyone knows this day has been coming, but our survey shows that older adults do not like the choices or care currently offered to them. And the fact that although we spend more per capita on health care than any country in the world yet have worse lifespans and healthspans is cause for alarm.”

Today, America ranks 50th in terms of lifespan and 68th in the world in terms of healthspan, according to the Institute for Health Metrics.

Areas of Concern

* Only three in five older adults with a health care provider (58%) report that their providers currently ask about what matters to them.

* Nearly all older adults (94%) say that health care providers should be trained on the unique health issues of people 65 or older, but only 10% of medical schools require a rotation in geriatric care, compared to 96% that require a rotation in pediatric care.

* The poll shows health care costs are a bigger concern to older adults than living expenses, inflation, tax increases and an economic downturn or recession. Just 16%, for example, give an ‘A’ grade to satisfaction with their out-of-pocket costs. Older adults are especially concerned with the cost of long-term care, saying that one of their greatest concerns is not being able to afford future health and long-term care needs (68%), and that the government should prioritize having Medicare cover long-term care (80%).

* Just 37% of those adults ages 18+ say their family member or friend living in a nursing home or memory care facility receives high-quality care. Only half (50%) say these facilities are the safest place for them.

* Half of older adults from the survey say their primary care provider does not coordinate their treatment with their other health care providers.

* More than half of older adults (56%) say it is difficult and stressful to navigate the current health care system, while nearly two in three (62%) say health insurance plans provide too many confusing choices.

The full report, Meeting the Growing Demand for Age-Friendly Care: Health Care at the Crossroads, can be found at www.johnahartford.org/crossroads

The U.S. health care system has a lot of work to do to meet the needs of older Americans.

Image by Image by Bruno from Pixabay

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

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Time to Review Your Retirement Budget

Guest Post byJack Wallace, Director at Yrefy

Money-1132279_1280The Fall is a great time to review your retirement budget. Here's what to look for.

Review income and expenses

The first step is to review and analyze your retirement budget including your current income and expenses. Review your income and expenses line by line. Compare your YTD 2024 income and expenses to your income and expenses for 2023. Chances are, given the inflation and high-interest rate environment we have experienced for the last two years, you may need to make some more lifestyle adjustments for the remainder of 2024 and beyond which you would much rather figure out sooner rather than later. (Note: Given the recent 50 basis point reduction in interest rates on September 18, 2024, by the Federal Reserve Bank, and an indication that there are more interest rate reductions to continue, you also may have to adjust your income assumptions downward if you have money market accounts or bank CD’s coming due.)

Essential vs. non-essential expenses

Next you need to review what you consider essential versus non-essential expenses, aka needs versus wants! How much of your monthly spending is discretionary as compared to necessary expenses? How much could you save making more meals at home? Could you cut back on your entertainment expenses and look for more, free, and/or senior discount things to do around town? Budgeting for your housing repairs, health care (particularly medications), transportation and food are the priority expenses not to mention essential, so be sure you’ve allocated enough for your essentials before budgeting for discretionary expenses.

Take advantage of discounts

Whether you’re a member of AARP or the Association of Mature American Citizens, take advantage of senior discounts whenever and wherever you can. It is a fantastic way to save money and still do the things you like. You’ve earned it! Get the senior rate when traveling, look for pharmacies offering prescription card discounts and check out discounts offered to seniors at local retailers, restaurants and entertainment venues.

Consolidate your debts

As of June 2024, 50 percent of credit card holders don’t pay off their credit cards monthly and carry balances from month to month. Given the high-interest rate environment of the last two years, many people are barely able to make the minimum monthly payment. If you have a lot of credit card debt and other loans that you’re struggling to make payments on, consolidate the credit card debt into one credit card with the lowest interest rate possible (pay attention to the fine print for those teaser rates), so you can factor in paying down this debt each month. This can give you peace of mind, and eventually keep more of your money in your pocket. Try setting aside extra money each month to pay down more debt than the minimum that is due so you can get the mountain of debt down as quickly as possible.

Pay off big debts

If you have high floating rates or fixed rates of interest on your auto loan, credit cards, private student loans, or mortgage, shop around and see if you can get a lower interest rate, particularly given the recent action by the Federal Reserve. Make sure you are paying by ACH since most banks will reduce your interest rate 25 basis points or more for doing so. Paying this way may also increase your credit score since you will not have any delinquent payments. You should see an increase in your credit score which could put you in a better credit score category that will get you a lower interest rate.

If you still have Federal student loan debt that you are repaying for your education or for your children or grandchildren, go to www.studentaid.gov to see what Income-Driven Repayment Plan works best for you to lower your monthly payment.

Good luck!

With over 40 years’ experience in corporate, education and housing finance, Jack Wallace has and continues to collaborate with clients and the financial community to develop debt and equity funding sources for new and existing asset classes and businesses. Jack currently serves as a Director of Governmental Affairs for Yrefy, a Phoenix based private student loan refinance company.

Image by Rilson S. Avelar from Pixabay

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

Check out Books for Boomers!