Medical Debt and the Aging of AmericaWhen the Elderly Can’t Pay
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For example, more geriatricians will be needed to care for this influx of elderly patients. And providers in every field of practice will require more geriatrics training.
Another concern: Will these older patients be able to pay for necessary healthcare services? Poor Health and Limited Means
As it currently stands, medical debt is a substantial and increasing problem among older Americans, according to a 2016 National Institutes of Health study. The combination of multiple chronic health conditions and limited financial resources is already taking its toll on America’s elderly.
Consider the following:
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The Cost of COVID for Seniors A 2021 CDC study found that the cost of COVID-19 hospitalizations for senior citizens averaged nearly $22,000 in 2020. And for those who became critically ill, it was more like $50,000. Average out-of-pocket costs for patients who were covered by Medicare, was more than $1,500. But that is often just the tip of the iceberg, as far as elderly patients are concerned. The long-term costs of COVID-19 must also be considered. These can include skilled nursing care, rehabilitation programs, and treatment of worsening chronic conditions like heart and lung disease. Source: MarketWatch |
- A study in the Journal of General Internal Medicine revealed that out-of-pocket medical expenditures in the five years prior to an individual's death totaled more than $38,000, leaving 1 in 4 seniors approaching bankruptcy.
Speaking of which, here’s another sobering statistic: The elderly now comprise one out of every eight bankruptcy filers. That’s nearly a fivefold increase since 1995.
The main reason for their insolvency? Medical expenses that are unpayable on a fixed income.
What Can You Do?
Help for Medical Bills The following organizations offer financial assistance for medical bills:
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If you’re not already a Medicaid provider, consider these benefits:
Other ways you can help include offering financial counseling to your elderly patients, as well as flexible and interest-free payment plans. You can also refer low-income seniors to organizations that can help them pay their medical bills. (See box at left.) |
With 10,000 Americans turning 65 every day, prudent practitioners are planning ahead.
Featured Image: Pixabay
Greenville News
National Institutes of Health
Brookings Institution
National Council on Aging
Health Research Funding
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