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Senior Market Hot Spots

Posted by www.psmbrokerage.com Admin on Tue, Jul 23, 2019 @ 02:10 PM

Senior Market Hot Spots

The Oldest Counties in Every State

According to U.S. Census Bureau projections, retirement-age adults will outnumber Americans under age 18 by 2035 for the first time in history. The aging of the U.S. population is driven by a falling birth rate and long-term improvements in life expectancy. While these demographic shifts are novel on a national scale, in many parts of the country, they are nothing new.

View Counties by state here

The median age in the United States is 38 years and is projected to hit 43 years as early as 2060. Age demographics vary considerably by region, and in every state, there are counties where the median age already exceeds Census Bureau’s 2060 projection. 24/7 Tempo reviewed median age by county using data from the U.S. Census Bureau’s 2017 American Community Survey to identify the oldest county in every state.

As the population ages, the United States will face new economic and public policy challenges. These challenges include increased health care, social security, and pension expenditures, with fewer workers to foot the bill. Not all states will be able to deal with those challenges well. As social and environmental factors vary by region, so too does the quality of life of elderly Americans – these are the worst states to grow old in.

Source: https://www.usatoday.com/story/news/nation/2019/07/15/oldest-county-in-every-state/39668785/

Image: Canva

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Tags: retirement, Seniors

Baby Boomers Will Become Sicker Seniors Than Earlier Generations

Posted by www.psmbrokerage.com Admin on Thu, May 26, 2016 @ 12:50 PM

blog_pic_Boomers

The next generation of senior citizens will be sicker and costlier to the health care system over the next 14 years than previous generations, according to a new report from the United Health Foundation.

The report looks at the current health status of people ages 50 to 64 and compares them to the same ages in 1999.

The upshot? There will be about 55 percent more senior citizens who have diabetes than there are today, and about 25 percent more who are obese. Overall, the report says that the next generation of seniors will be 9 percent less likely to say they have good or excellent overall health.

That's bad news for baby boomers. Health care costs for people with diabetes are about 2.5 times higher than for those without, according to the study.

It's also bad news for taxpayers.

"The dramatic increase has serious implications for the long-term health of those individuals and for the finances of our nation," says Rhonda Randall, a senior adviser to the United Health Foundation and chief medical officer at UnitedHealthcare Retiree Solutions, which sells Medicare Advantage plans.

Most of the costs will be borne by Medicare, the government-run health care system for seniors, and by extension, taxpayers.

Some states will be harder hit than others. Colorado, for example, can expect the numbers of older people with diabetes to increase by 138 percent by 2030, while Arizona will see its population of obese people over 65 grow by 90 percent.

There is some good news in the report, too.

People who are now between 65 and 80 years old have seen their overall health improve compared to three years ago. And people who are aging into the senior community are far less likely to smoke than earlier generations.

"Some of these trends are very good and in the right direction," Randall tells Shots.

She says the decrease in smoking shows that it's possible to change health behaviors, noting that doctors, public health professionals and policymakers used a variety of strategies simultaneously to reduce smoking.

"That's a good model for what we need to look at to tackle the epidemic of diabetes and the big concern we have around obesity," she says.

The study also ranked states on the health of their current senior populations. Massachusetts topped the list, jumping to No. 1 from the No. 6 ranking it had the last time the rankings were calculated. Vermont slipped to No. 2. Louisiana is the least healthy state for older adults.

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Click on the link below to read the full article.

Source: http://www.npr.org/sections/health-shots/2016/05/25/479359856/baby-boomers-will-become-sicker-seniors-than-earlier-generations
Image courtesy of Freepik

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Tags: Medicare, Seniors

Should the Medicare eligibility age be raised to 67?

Posted by Guadalupe Cantu on Fri, Nov 22, 2013 @ 11:19 AM

Medicare Supplements Medicare, the U.S. health care insurance that provides benefits to seniors over 65, and to certain individuals who qualify for the program at an earlier age, has been on the cross hairs of the Congressional Budget Office (CBO), who have been questioning whether it is time to phase in and raise the eligibility age to 67.

With millions of baby boomers retiring and enrolling into Medicare program, and the recent Medicare spending explosion, is threatening the stability of the U.S. economy.

Projection of Medicare spending in the coming decades is expected to continue to exceed domestic per capita growth. Further adding to the growth is increase of life expectancy, translating to; the cost of Medicare has increased along with the life span of the people covered since the program began in 1965.

Currently, there is a two prong camps for and against rising the eligibility age of Medicare. One side says that raising the age would save around 3 million a year or about $19 billion, between 2016 and 2023. This would reduce our current deficit to about 1% (our current deficit is $680 billion). Others argue that it is not fair for people to wait two extra years to qualify for Medicare. And that increasing the age would shift the cost to those ages 65 to 66. Seniors would incur an increased out-of-pocket expense of $3.7 billion, and employers tab would increase to 4.5 billion and states would face increased Medicare cost, estimates the Kaiser Family Foundation.


Please give us your feedback!
Question: What’s your stance on rising the eligibility age to 67? By rising the age and saving 1% on the deficit, will this help our economy or will it dig the U.S. economy deeper into a hole?

Source: LifeHealthPro
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Tags: Medicare, Medicaid, Baby Boomers, Medicare Cost, Congressional Budget Office, Seniors, Retired

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