Alcoholism and Substance Addictions | K-12 Reading Solutions | Senior and 55+ Health | Teresa Q. Johnson, PhD. Consulting Solutions

REASONS FOR HIGH COSTS OF SENIOR HEALTH CARE

The cost of healthcare for seniors is growing exponentially. This is a major concern, especially since seniors are living longer. According to a study by Vanguard Research and Mercer Health and Benefits, a 65-year-old woman could expect to pay between $3,300 and $7,700 annually for premiums and out-of-pocket medical, dental, and vision costs. However, her costs could be much higher in some scenarios, reaching up to $41,800.

It’s true that the loss of one’s health and wellness can lead to a decrease in quality of life and contribute to spiritual erosion, depression, and addiction. Wellness, healing, and health are a tripod alliance- mental, physical, and spiritual. Addiction to legal and illegal substances is increasing among young, seniors, and middle-aged Americans seeking external solutions to spiritual ailments.

It is important to take full responsibility for one’s health. Hordes of money are generated by Big Pharma, television advertisers, and social media speculators promising quick health and wellness fixes.

Here are several reasons why healthcare costs are so high for seniors:

  1. CHRONIC CONDITIONS: As people age, they are more likely to develop chronic conditions such as heart disease, diabetes, and arthritis. These conditions require ongoing medical care and can be expensive to treat. For example, the cost of treating diabetes can range from $5,000 to $15,000 per year.
  2. INCREASED USE OF MEDICAL SERVICES: Seniors tend to use more medical services than younger people. They may require more frequent doctor visits, hospitalizations, and diagnostic tests. For example, the average hospital stay for a senior is 5.5 days, compared to 4.6 days for a younger patient.
  3. PRESCRIPTION DRUGS: Seniors are more likely to take prescription drugs than younger people. The cost of prescription drugs has been rising in recent years, and many seniors struggle to afford their medications. For example, the cost of insulin has increased by over 500% in the past 20 years.
  4. MEDICAL TECHNOLOGY: Medical technology has advanced rapidly in recent years, and many of these new treatments and procedures are expensive. For example, a hip replacement surgery can cost over $30,000.
  5. LONG-TERM CARE: Seniors may require long-term care in a nursing home or assisted living facility. These services can be expensive, with the average cost of a nursing home stay being over $100,000 per year.
  6. MEDICARE PREMIUMS: While Medicare provides health insurance for seniors, it is not free. Seniors must pay premiums for Medicare Part B and Part D, as well as deductibles and copays.
  7. LIMITED COMPETITION: The healthcare industry is dominated by a few large companies, which can limit competition and drive up prices.
  8. ADMINISTRATIVE COSTS: The administrative costs of healthcare are high, with some estimates suggesting that up to 25% of healthcare spending goes towards administrative costs.
  9. MALPRACTICE INSURANCE: Doctors and hospitals must carry malpractice insurance, which can be costly.
    INFLATION: Healthcare costs tend to rise faster than inflation, which can make it difficult for seniors on a fixed income to afford medical care.
  10. LACK OF PREVENTATIVE CARE: Preventative care can help seniors avoid costly medical problems down the road. However, many seniors do not receive the preventative care they need due to lack of access or affordability.
  11. GEOGRAPHIC LOCATION: Healthcare costs can vary widely depending on where you live. For example, the cost of healthcare in New York City is much higher than in rural areas.
  12. LIFESTYLE FACTORS: Lifestyle factors such as smoking, poor diet, and lack of exercise can increase the risk of chronic conditions and drive up healthcare costs.
  13. RISING HEALTHCARE COSTS OVERALL: Healthcare costs have been rising faster than inflation for many years, which affects seniors as well as younger people.
  14. LIMITED ACCESS TO CARE: Some seniors may have limited access to medical care due to lack of transportation, mobility issues, or other factors. This can lead to more serious health problems down the road.

REMEMBER there are no shortcuts to good health. HEALTH is indeed the key to the golden door!

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned, or otherwise endorsed by any of our network partners.