Medical experts believe that the musculoskeletal weaknesses, depression, diabetes and nervous system problems common to many baby boomers today is going to put more strain on their need for care. Little wonder then that healthcare is one of the fastest growing industries in America.
Full Answer
How will the baby boomer generation impact Medicare?
As the baby boomer generation, born between 1946 and 1964, reaches retirement age, the need for Medicare and age-related health care services will continue to rise, taking health care expenses upwards with them.
Do baby boomers have to pay Medicare tax?
The Medicare tax the baby boomer generation paid into was designed so that Medicare would be their last insurance plan. More retirees today are selecting an alternative plan to traditional Medicare, called Medicare Advantage, thinking they are supplementing their Medicare card.
Do baby boomers have a lot of health problems?
60% Of Baby Boomers Have Serious Medical Problems Around 60% of baby boomers have also been diagnosed with arthritis, diabetes, heart disease and hypertension. This requires them to have regular check-ups on their health, take prescription medications and look after their diet properly.
Why should healthcare administrators care about the baby boomers?
However, administrators who invest the necessary effort in this task can realize great rewards, which will ultimately help cut costs and make better products and services available to the baby boomers who need them. In an effort to increase patient satisfaction, some health care facilities are sacrificing efficiency.
How will baby boomers affect Medicare?
Aging comfortably as a baby boomer is a major concern. By 2020, retiring baby boomers are expected to more than double Medicare and Medicaid costs. As a result, some pundits anticipate that the Trust Fund will be bankrupt by 2033. Meanwhile, taxes will cover only 48 percent of the associated health care costs.
What are the major health concerns of baby boomers?
10 top health challenges facing baby boomersType 2 diabetes. ... Heart disease. ... Cancer. ... Alzheimer's disease. ... Depression. ... “Sandwich Generation” stress. ... Arthritis and joint replacement. ... Osteoporosis.More items...•
What concerns increased as the baby boom generation aged?
Various aspects of economic burden are associated with an aging population: social security payments will increase, medical care insurance costs will grow, the burden associated with uncovered medical expenses such as pharmaceuticals will become quite serious, and long-term care costs will grow.
What are some negative consequences of the baby boom?
Negative impact on employment These effects cause a decline in young males' income relative to workers in their prime, a higher unemployment rate, a lower labor force participation rate and a lower college wage premium among these younger workers.
What do baby boomers fear?
The fear of needing long-term care due to declining health was one of baby boomers' two biggest fears, the pollsters found. Nearly half of boomers told Transamerica that they worry about this issue.
What will happen to baby boomers?
As baby boomers age and die, adult population growth will begin to fall off sharply in the coming decade. Though this decline will have a dampening effect on household growth, it will occur over several decades and much may be offset by the millennial generation beginning households of their own.
What impact will baby boomers have on the American population in the years ahead?
The report notes that the number of Americans ages 65 and older is on course to more than double from 46 million today to over 98 million by 2060, while the 65-and-older age group's share of the total population will rise to nearly 24 percent from 15 percent.
How will baby boomers affect nursing?
In 2020, baby-boomer RNs will number 660,000, roughly half their 2008 peak. The retirement of one million RNs from the nursing workforce between now and 2030 will mean that their accumulated years of nursing experience leave with them.
How will baby boomers retiring affect the economy?
In 2030, when the peak impact of the baby boomers' retirement will be felt, the burden on workers will be a reduction in after-tax wages and family income of slightly more than 6%.
What was life like for baby boomers?
Boomers are often labeled as individualist, selfish, cynical, pessimistic, narcissistic, and socially responsible. But it's hard to label a group that came into the world over a nearly two decade stretch—so much happened so fast over those years. Many are certainly looser with social conventions than their parents.
What benefits did baby boomers get?
Born in the postwar period, baby boomers reaped the advantages of free education, thriving industry, stable jobs and affordable homes. This age cohort might put good fortune down to long hours and elbow grease, but structural advantages are often invisible to those who benefit from them.
What was the impact of the Baby Boomers on healthcare?
Coining the phrase “live fast and die young”, baby boomers were rebellious, individual and determined to show the world they were different from their parents.
What are the health problems that baby boomers have?
Around 60% of baby boomers have also been diagnosed with arthritis, diabetes, heart disease and hypertension. This requires them to have regular check-ups on their health, take prescription medications and look after their diet properly.
How many people will be over 65 in 2030?
People aged over 65 years currently make up around 13% of the U.S. population but by 2030, that will increase to 18%. In other words, the 40.2 million Americans aged over 65 today are going to double to around 80 million. And that is going to place and enormous strain on the American healthcare system. Not only that, with better health care baby ...
Do baby boomers live longer than their parents?
Not only that, with better health care baby boomers can expect to live a lot longer than their parents and grandparents did too. Even today, elderly people are the biggest consumers of healthcare resources. Currently they comprise 35% of all hospital stays;
Did the baby boomers live fast?
But although many baby boomers certainly lived fast, not that many died young. In fact, after all the partying was over, millions of baby boomers embraced healthy lifestyles that partly drove the boom in personal fitness and health clubs across the United States.
Is Obamacare less acute care than community care?
A close look at the recently passed Patient Protection and Affordable Care Act – more commonly known as ObamaCare – reveals that it is less about acute care than community care.
Do baby boomers need nurses?
The role of newly trained nurses can not be emphasized enough in this care. Baby boomers are going to need nurses like never before which means healthcare is the one profession that is going to guarantee you employment over the next 20 years.
What age group did Medicare increase?
Even though there was a large increase in Medicare beneficiaries ages 65 to 74 when the baby boomers began entering Medicare, this age shift does not explain why Medicare spending per beneficiary has grown so little in recent years. Across all Medicare age groups, even the oldest beneficiaries, annual Medicare per-beneficiary spending growth was ...
When did Medicare spend growth slow?
Across all Medicare age groups, even the oldest beneficiaries, annual Medicare per-beneficiary spending growth was low from 2007 to 2015. If the Medicare age distribution had not changed during this time, the Medicare program would have still experienced lower spending growth. The Slowdown in Medicare Spending Growth for Baby Boomers ...
How much did Medicare spend on beneficiaries in 2015?
Among beneficiaries age 90 and older, spending per beneficiary increased by 10.0 percent from $12,948 in 2007 to $14,244 in 2015. Almost all age groups among traditional beneficiaries younger than age 65 had increases in Medicare spending levels from 2007 to 2015.
What age group did the spending rate decline in 2009?
The timing of when spending growth rates began to decline varied by age group. Unlike older beneficiaries, those ages 65 to 79 had modest increases in 2009 spending growth. In contrast, 2009 marked the first year of declining spending growth for beneficiaries 80 and older during this time period.
What are the challenges of Medicare?
The challenges that retirees face when they are Medicare-eligible also include being inundated with marketing information through the mail, over the phone and through the various forms of television and social media. It can make what should be an exciting time for the retiree stressful.
What is the downside of Medicare?
Although Medicare offers exceptional benefits, the big downside to Medicare plans is that they only cover 80% of medical expenses. That leaves a retiree owing the remaining 20% themselves without an out-of-pocket spending limit to protect them.
What are the three most common standardized plans used to supplement Medicare?
The three most popular standardized plans used to supplement Medicare are Plans F, G and N. Since Medicare does not cover prescriptions, an individual would need a stand-alone plan referred to as Part D. There is a separate monthly premium for a Medigap Supplement or a Part D plan.
What is Medicare Advantage?
More retirees today are selecting an alternative plan to traditional Medicare, called Medicare Advantage, thinking they are supplementing their Medicare card. This is in large part due to not fully understanding the Medicare process and its options.
What is traditional Medicare?
Traditional Medicare is what retirees have paid into their entire lives through their payroll taxes known as FICA. FICA is comprised of the following taxes: 6.2% Social Security tax; 1.45% Medicare tax. The Medicare tax the baby boomer generation paid into was designed so that Medicare would be their last insurance plan.
Is Medicare a primary insurance?
A Medigap plan retains Medicare as the primary insurance. I often tell retirees to think of Medicare as the body and the Medigap as the arm attached to it. The Medigap plan is accepted everywhere Medicare is accepted and is portable if someone moves or is traveling.
Is Medicare Advantage a supplement?
Having personally talked to thousands of eligible Medicare beneficiaries that have Medicare Advantage plans, most think the Medicare Advantage plan is their supplement to Medicare. Many are surprised to learn that the Medicare Advantage plan is not a supplement to Medicare, but instead an alternative plan designed to privatize ...
How many people are born in the baby boom generation?
Individuals born between the years 1946 and 1964 are categorized as baby boomers, according to The U.S. Census Bureau. Approximately 75 million Americans make up the baby boom generation, and every year for the next 20 years roughly 3 million baby boomers will reach retirement age. 2 These facts will drastically change society, ...
How many geriatricians will be needed by 2030?
According to a study conducted by the Alliance for Aging Research, 33,000 geriatricians will be needed by 2030, and currently there are only 8,800 practitioners that are certified. 1.
What is the role of medical assistants in the elderly?
Medical assistants and doctors caring for elderly patients often work on interdisciplinary teams of other providers. Physicians, nurses, social workers, occupational therapists and family members all collaborate to provide comprehensive care for these patients with multiple needs. 1.
What is the medical practice of caring for seniors?
The medical practice of caring for seniors is knows as geriatrics, and while there are tenets of this practice that are unique to the field, the basic elements can be used by any practitioner to ensure they are giving their patient the best care possible.
How many seniors will be in the US by 2030?
According to the American Medical Student Association, the population of individuals over the age of 65 will increase by 73 percent between 2010 and 2030, meaning one in five Americans will be a senior citizen.
Do boomers need special care?
Boomers will need specialized care. The overall health of the boomer generation was compared with that of their parents in a research study published in JAMA Internal Medicine.
Why is it harder to pay bills on a fixed income?
With inflation rising against the cost of living, it’s becoming harder for those living on a fixed income to pay their bills. This is why many people between ages 50 and 64 are coming to terms with the prospect of delayed retirement in order to maintain their current standard of living.
Which age group has the lowest poverty rate?
Many baby boomers, that group referring to post World War II born approximately between the years 1946-1964, has the lowest rate of poverty among all age groups according to the Census Bureau.
Will Social Security be around for the next generation?
Social security may not be around for the next generation. In the meantime, baby boomers strive to live more simply considering that they do not have enough savings to support the standard of living they’ve enjoyed throughout their adult life. Advertisement.
Can boomers afford retirement?
Being Able to Afford Retirement. Surprise, surprise! According to this survey conducted by the AARP, boomers can’t afford to retire. In fact, nearly half of Americans 50 and over have $25,000 or less saved for retirement.
Abstract
To assess the coming challenges of caring for large numbers of frail elderly as the Baby Boom generation ages.
Definitions and Background
Various aspects of economic burden are associated with an aging population: social security payments will increase, medical care insurance costs will grow, the burden associated with uncovered medical expenses such as pharmaceuticals will become quite serious, and long-term care costs will grow.
The Real Economic Challenges for Long-term Care in 2030
Despite the preceding positive analysis of the macroeconomics of aging, there remain some substantial challenges to getting ready to meet the long-term care needs of Baby Boomers. In fact, four types of challenges need to be addressed:
Building a Viable and Affordable Community-based Delivery System
While the Baby Boomers were growing up, the needs of young families were a high priority in community development, with particular concern for family-friendly housing, parks, and schools. In 2011, these children will start turning 65 in large numbers.
Investing in Healthy Aging in Order to Achieve Lower Disability Rates
Perhaps the most important challenge related to aging populations is the challenge of healthy aging. Healthy aging (or successful or productive aging) is the concept of keeping seniors disability-free and thus avoiding some of the need for long-term care ( Rowe and Kahn 1998 ).
Recharging the Concept of Family and the Value of Seniors in American Culture
The fourth challenge related to meeting the long-term care needs of an aging population is quite intangible and is dependent on culture rather than public policy. The idea of elders as an economic burden or as frail and weak is a twentieth-century construct.
Notes
1 Based on average life expectancy of 17 additional years at age 65, out-of-pocket prescription drug costs of approximately $400 a year (with 5 percent annual increases over inflation), out-of-pocket medical care costs of $900 a year, and uncovered insurance premiums costs of $1,000 a year, and average life long-term care costs.