Navigation Links
Health-care costs hit the elderly hard, diminish financial wellbeing
Date:9/4/2012

The protection of the savings of the elderlyone of the primary goals of Medicareis under threat from a combination of spiraling healthcare costs and increased longevity. As the government attempts to reduce Medicare costs, one suggestion is that the elderly could pay a larger proportion of the costs of their healthcare. But exactly how much would this be and what impact would it have on their finances? A new study by Amy Kelley at the Mount Sinai School of Medicine and her colleagues, funded by the National Institute on Aging, aims to identify the portion of wealth Medicare beneficiaries spend on healthcare costs in the last five years of life. Their work appears online in the Journal of General Internal Medicine, published by Springer.

Medicare provides nearly universal health care coverage to the population over 65. However it does not pay for everything. There are co-payments and deductibles, and more importantly, homecare services and non-rehabilitative nursing home care, which are not covered. If proposals suggest the elderly should make even larger contributions to care, it is important to know more about patients' out-of-pocket spending under the current Medicare program.

The authors analyzed data from 3,209 individuals with Medicare coverage included in the Health and Retirement Study (HRS) from 2002-2008. They measured total out-of-pocket healthcare expenditures in the last five years of life, and looked at these costs as a percentage of total household assets. More than three quarters of households spent at least $10,000, with spending for all participants averaging $38,688 in the last five years of life. Even more shocking was the fact that a quarter of participants made an average contribution of $101,791, and the same number spent more than their total household assets on healthcare.

Kelley and colleagues note that the amount spent on healthcare varied widely with the type of illness suffered, with dementia costing the most money. Out-of-pocket spending for individuals or their spouses dying with dementia was more than twice the average for dying from gastrointestinal disease or cancer. The majority of these costs are related to nursing home expenses which accounted for 56 percent of average spending in those suffering from Alzheimer's disease.

Thus far, attempts to promote legislation to help with long-term care requirements have all been deemed too expensive. Until someone comes up with a financially viable scheme, the authors speculate that the financial outlook for the elderly in coming decades is discouraging. They conclude that, "as more baby boomers retire, a new generation of widows or widowers could face a sharply diminished financial future as they confront their recently-depleted nest egg following the illness and death of a spouse".


'/>"/>

Contact: Alexander Brown
alexander.brown@springer.com
212-620-8063
Springer Science+Business Media
Source:Eurekalert

Related medicine news :

1. Health-care law gender gap
2. Courts Verdict on Health-Care Reform Holds Surprises, Legal Experts Say
3. Is Courts Health-Care Ruling a Wise Decision? It Depends...
4. Supreme Court Ruling Sets Stage for Full Rollout of Health-Care Reform Law
5. Doctors Detail High Costs of Fighting Malpractice Claims
6. Cancer Care Costs Higher in U.S. Than Europe, But Survival Longer
7. Obesitys Health Costs Double Earlier Estimates
8. Obese Workers Health Care Costs Top Those of Smokers
9. Diabetic retinopathy research could reduce screening costs
10. Fitness in Middle Age Lowers Medical Costs Later: Study
11. Robotic-assisted prostate cancer surgery drives up costs, UPMC study finds
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... Bunion ... knowns as a bunionette) treatment was more than humbled by customer demand over the ... of their SKU's mid sale. Now that Bunion Bootie has completely replenished its inventory ...
(Date:5/26/2016)... ... May 26, 2016 , ... On May 23rd during the National Eye ... and international water advocate, was honored by Ashram, Inc. as the world’s foremost water ... knelt on the banks of the Nile to fill their red clay pots with ...
(Date:5/26/2016)... ... May 26, 2016 , ... The introduction of our professional athletes coincides ... HEAD ™”. , “We are proud to introduce Meghan Klingenberg, defender and ... have Brian Quick, wide receiver for Los Angeles who was a second round selection ...
(Date:5/26/2016)... ... May 26, 2016 , ... ... Morrow-Fox . With over 20 years of experience in leading technology and human ... several years of university teaching, Morrow-Fox will be featured on Metcalf’s VoiceAmerica ...
(Date:5/26/2016)... NY (PRWEB) , ... May 26, 2016 , ... May ... lips been so central to popular cosmetic improvement efforts. Record numbers of clients now ... appear more prominent or pouty, says Kally Papantoniou, MD, of Advanced Dermatology P.C. ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... , May 26, 2016   ... software and analytics, network solutions and technology-enabled ... announced it entered into a strategic channel ... of outpatient software solutions and revenue cycle ... specialty hospitals and rehabilitation clinics to optimize ...
(Date:5/25/2016)... Germany and GERMANTOWN, Maryland ... N.V. (NASDAQ: QGEN ; Frankfurt Prime Standard: QIA) ... and co-development agreement with Therawis Diagnostics GmbH to develop and ... to develop and market PITX2 as a marker to predict ... breast cancer patients. "We are pleased to partner ...
(Date:5/25/2016)... CHESTERFIELD, Va. , May 25, 2016 /PRNewswire/ ... next-generation sequencing test for wounds and infections. This ... ALL parasites, and select viruses. The test requires ... area. David G. Bostwick ... molecular testing to facilitate wound healing: "We are ...
Breaking Medicine Technology: