About half of the nation's seniors are unable to afford basic expenses, according to a study conducted by the University of Massachusetts-Boston. Rising inflation, along with higher living costs, have hit the pocketbooks of many Americans.
More than half of older women living alone are classified as poor by federal poverty standards or have insufficient income to pay for the most essential expenses. On the other hand, 45% of men also do not have sufficient resources to be able to cover their most essential expenses.
Several factors have been taken into account for the study, including medical care, food, housing and transportation, and this can be adjusted according to the health status of the elderly.
In 2020, index data showed that more than 2 million older couples were considered financially insecure based on their annual income, according to figures obtained by Kaiser Health News.
Although Americans 65 and older are eligible for Medicare coverage, the June 2022 data indicate that most older residents consider health care costs to be a financial burden. As Baby Boomers continue to age, this growing population will put more pressure on federal or state-sponsored health insurance.
Several factors have been taken into account for the study. These include medical care, food, housing and transportation. The poverty level measure is adjusted for the health status of the elderly. In 2020, index data showed that more than 2 million older couples were considered financially insecure based on their annual income, according to figures obtained by Kaiser Health News.
The baby boomer wave
Although Americans over age 65 are eligible for Medicare coverage, June 2022 data indicate that most older residents consider health care costs to be a financial burden. As baby boomers continue to age, this growing population will put more pressure on federal or state-sponsored health insurance.
For its part the National Council on Aging hopes to use the Elder Index metrics to more fully understand the true costs of aging in the United States. In the past, the Council's Equity in Aging Collaborative led several initiatives to further this goal, including the Medicare Marketplace Improvement Initiative and the Disability and Aging Collaborative.
Inflation in the country
According to official figures consumer prices in June soared 9.1% from a year earlier, the largest annual increase since 1981. The June Consumer Price Index showed that prices rose 1.3% over the month. Much of the June price increase was due to rising gasoline prices, which were up nearly 60% on the year. Americans faced record fuel price hikes.
