Tuesday, August 25, 2015

The Conference for Ageing Cost of Ageing Part 2

Preparing for Anticipated Health and Ageing Expenses is a concern to professionals more than seniors.

Professionals place a much higher emphasis on finances than older adults and are especially concerned when it comes to older adults’ ability to maintain health care costs as they age.

Financial concerns:
The top financial worries that keep older Americans up at night are increasing costs of living (28 percent) and unexpected medical expenses (24 percent).

Professionals express an even greater level of concern about unexpected medical expenses: Eighty-seven percent rank this issue as their top financial concern. 

Other financial concerns professionals have include not having enough disposable income (84 percent compared with 18 percent of seniors nationally) and being vulnerable to financial scams (83 percent compared with only 13 percent of older adults).

Additionally, while less than a quarter of older adults anticipate needing support managing their finances as they age, the majority of professionals stress this will be a need (19 percent and 86 percent, respectively).

Maintaining financial fitness:
Older adults and professionals agree that saving money (39 percent and 43 percent, respectively) and sticking to a budget (43 percent and 38 percent) are among top ways to maintain financial fitness.

However, professionals are more inclined to anticipate future needs, suggesting that older adults work beyond retirement age and reduce housing costs to help manage finances (43 percent and 36 percent, respectively).

Older adults focus more on short-term ways to manage finances by taking advantage of senior discounts and limiting leisure expenses as part of their financial management strategies (43 percent and 36 percent, respectively).

Health care costs:
Nearly half (43 percent) of older Americans say they are very confident they will be able to afford health care costs as they age.

In a marked contrast, only 3 percent of professionals have the same level of confidence in the aging population. 

Rather, almost two-thirds (62 percent) of professionals report they are not
confident older adults will be able to afford their health care costs. 

When it comes to obstacles older adults face in trying to access health care, older adults and professionals report the same top three concerns:

  • Not understanding insurance benefits or health coverage (20 percent and 87 percent, respectively)
  • The cost of medication (25 percent and 81 percent)
  • The cost of health care services (24 percent and 78 percent), though professionals express a greater level of concern. 

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