Baby Boomers - Changes in the U.S. Economy and our Health Care System [VIDEO]
November 22nd, 2008
[VIDEO] Baby Boomers are expected to have a major effect on the economy and health care systems in the United States by the year 2030. By that time 20% of the U.S. population will be considered a senior (over 65).
Baby Boomers are expected to have a major effects on the health and social service systems in the United States by the hear 2030. By that time 20% of the U.S. population will be considered a senior (over 65).
Baby Boomers represent a retiring population that is better educated than any previously retiring population. Over 80% of us have graduated from High School and almost 25% have graduated from college. Baby Boomer seniors are expected to contribute to society for much longer than any previous group of seniors. This is significant for our economic outlook and the health care system because education is closely related to lifetime income, and people with more education generally are in better health and at lower risk of disability.
However, the better-educated Baby Boomers are expected to be more demanding on our health care system. An increase in the senior population as Baby Boomers reach the age of 65 will be even more heightened with longer life expectancy and increasing health care expense. As an average, women who live until age 65 can expect to live to age 84. Those who live to age 85 can expect live to age 92. The number of people living to age 100 in the United States is also growing.
Prescription drugs are a major part of medical treatment and are expected to be a major expense as Baby Boomers enter our senior years. We can't help notice the increasing numbers of drug stores popping up these days. Yes, they are preparing for the impending needs of our increasing Baby Boomers population. At least 80% of today’s senior citizens take one or more prescribed medicines. One of the most important unanswered questions is whether or not the increased Baby Boomer senior population and the increased lifespan will be filled with good days and years.
Can the health care system handle the greater number of senior citizens? Some analysts fear the great increase in the numbers of senior citizens from the baby boomer generation of people born between the years of 1940 and 1960 may place a strain on the medical care system and the public programs that finance health care and retirement to the breaking point.
This is a serious concern for Baby Boomers as we look forward to our senior years. Many of us are taking this into consideration with our financial planning by not relying (at least totally) on public programs financing our future medical needs relating to our quality of life.
AARP-All Americans should have access to affordable, quality health care.
Healthcare for aging Baby Boomers is not all pessimistic. Medical breakthroughs and improvements in healthcare behavior along with our increased productivity later in life and financial prosperity from being better educated will greatly diminish these threats.
There is no question that Baby Boomer Seniors will live our lives with dignity and class.
