Staying Older Longer
Jan
7
Written by:
1/7/2010 4:37 PM
What is the impact on Social Security and Medicare now that people are living longer lives?
It’s common knowledge that people these days are living longer than ever, with life expectancy approaching 80 years of age (especially for women), and over-85-year-olds being the fastest growing segment of our population for some time now. Now a new study by the prestigious MacArthur Foundation says that we ain’t seen nothing yet — that the mid-21st century is going to see men and women routinely living into their late 80s and early 90s, respectively, and 100-year-olds numbering nearly 2 million! The MacArthur researchers, a blue-ribbon panel of well-known geriatricians and policy analysts, say that federal government agencies like the Social Security Administration and the Census Bureau, are underestimating Americans’ longevity rates by some 3 to 8 years. The MacArthur panel maintains that advances in medical science and understanding of human health will develop more rapidly during the 21st century than they did in the latter half of the 20th century. Not only high-tech genetic manipulation and medical research, but increased emphasis on common sense calorie restriction and insulin control will pay off in longer, healthier lives, they predict.
Obviously a good thing, right? Yes, indeed, if you’re among those likely to survive into this Golden Era. From the standpoint of society at-large, though, this might be a different story, and a scary one at that.
By now you’ve heard the predictions about Social Security stumbling and Medicare crashing and burning during the next decades or so, with Baby Boomers stampeding into these government programs like there’s no tomorrow. Though many people see catastrophe just around the corner, there are those — including some of the experts on the MacArthur panel — who will tell you that these fears are overblown and promoted by self-serving private interests trying to sell you something. They’ve made the case that, with any degree of political will and discipline, we can keep these programs solvent for many years to come with affordable tax increases and tough cost controls.
But even these optimists signed off on MacArthur panel predictions that Social Security and Medicare could prove to be as much as $8 trillion more expensive than already projected if their longevity findings hold true. True, we’re already spending more than $2 trillion a year on health care, but a trillion here and a trillion there and it starts adding up! Obviously no one believes that sort of growth in government spending to be sustainable.
There’s only one way to modify this: cause fewer seniors to be reliant upon government support. In fact, the possibilities for this exist, as discussed by MacArthur panelists and others. In short, we’ll be experiencing the Golden Years in ways unknown. We’ll have fun exploring this in future blogs, including developments in long-term care that are already moving in more cost-realistic directions. Stay tuned for more elaboration of these innovative programs and concepts!
5 comment(s) so far...
This is an interesting blog posting because as we all age and there is no stopping that, we all want to grow to be an older age. As most people are living to be older, the healthcare is changing, and more resources are changing for seniors, it is important to be in the know. Finding care can be difficult when relying on governmental assistance, especially since there has been new changes made to Health Care Reform, but it is also a great thing to have assistance available. Hopefully, the government can help moreso than they ever have with the boomers reaching retirement age, but I suppose we are all in the ride together to see how they play this out.
By Ron on
1/12/2010 2:53 PM
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We are living in a time when Seniors are increasing but the resources that are needed are not. For example, many Seniors would prefer to stay in their home rather than a nursing home or assisted living. For some that would be possible if they had the funding for personal care services. Medicare will only cover personal care for 21 days. And the cost is usually more than a person on a fixed income can afford. The government needs to make changes so that less is spent on institutions and more is used to help Seniors continue to live in their homes and community.
By Andrea on
4/1/2010 12:43 PM
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It doesn't help that the government, or at least the Obama administration, is dead set on redistributing wealth by expanding progarms for the underprivileged, including a huge increase in people eligible for Medical Assistance. My thought is that they should concentrate on cleaning up the problems in Social Security and Medicare, before creating a whole new set of "entitlements."
By Dennis Juncer on
4/1/2010 12:44 PM
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Two factors may make a difference as to how this plays out:
1. Although we are living longer we are more healthy; I hope living a more healthy lifestyle will make a difference in the cost of health care for the baby boomers. I worked for nearly 6 years as a hospice chaplain and met many baby boomers who died young, many were Vietnam veterans. Their post traumatic stress syndrome to the ravages of war and their exposure to Agent Orange contributed to early deaths. Currently I lead a company that provides move management services for seniors who are downsizing; these seniors have lived long, good lives, for the most part and many are moving into independent apartments when they are in their 80"s and 90"s.
2. The highest cost of health care is in the last months of a person's life. That's where the hospice consult between the doctor, patient and family really makes a difference. When that care is provided at the appropriate time then the financial costs are contained and the patient and support system benefits greatly.
By Ann Hutchens on
4/1/2010 12:46 PM
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I think the best way to make Seniors less reliant on government would be to prevent companies from preying on seniors. Our government has enabled many insurance companies and drug companies to take advantage of our senior population. Medicare Part D has forced many seniors who do not need drug coverage to pay for unneeded coverage. It was also made so complicated that seniors do not and can not understand the programs. In turn they are being forced into a program that is making money off of them. Now we have to set up subsidy programs to assist them with paying the costs of the programs. In turn then these companies are making money of the subsidy programs and government.
By Meredith on
4/5/2010 7:11 AM
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