People are living longer despite the downturn because of COVID but has anyone asked if they want to live longer? Unless you stay in shape, getting older can be a challenge because of physical and financial problems. We must evaluate whether patients want to live longer with limitations or let nature take its course.
By 2030, every Baby Boomer will be 65 or older, meaning that 1 out of every 5 U.S. citizens will be of retirement age. As a result, there will be far more demand than healthcare supply in the future. Healthcare costs will increase, and we’ll need to adapt. The U.S. home care market is expected to grow from $100 billion in 2016 to $225 billion by 2024, driven by an expanding senior population.
American healthcare is the most expensive globally, but it’s not close to being the best. Our healthcare system has become like a mass-market retailer, in the door to treat the problem and out the door with an Rx or other treatment recommendation. What’s missing is the basic premise of any good care: the focus on the person, not just the condition.
SUMMARY: Those working in pharma know that ageism exists, especially in the sales force. Pharma has been purging older employees for some time, and when you reach the magic age of 50+, you’re going to be pushed to take “early retirement.”
SUMMARY: According to the CDC “loneliness and social isolation in older adults are serious public health risks affecting a significant number of people in the United States and putting them at risk for dementia and other serious medical conditions”. Social isolation takes a heavy toll on those who suffer from it, both in health and overall well-being. An effort to quantify the cost of loneliness in the US also found that among Americans aged 65 or older, social isolation costs the US government nearly $7 billion in additional health care costs per year.
QUICK READ: The vast majority of elder care facilities are owned by corporations who usually put profit ahead of our fathers and mothers. COVID-19 has exposed the poor care in these facilities but what’s needed is a new approach in which homes are inspected and wages are paid to hire skilled employees. Spare me the outrage now that the poor care at nursing homes has been exposed. We have chosen to look the other way.
- Nearly one in five (19%) are providing unpaid care to an adult with health or functional needs.
- More Americans (24%) are caring for more than one person up from 18% in 2015.
- More family caregivers (26%) have difficulty coordinating care up from 19% in 2015.
- Family caregiving spans across all generations, including Boomers, Gen-X, Gen-Z, Millennials, and Silent.
- 61% of family caregivers are also working.
QUICK READ: Caring for an aging parent is a compassionate—but often stressful—undertaking. It can take a huge emotional toll on everyone in a family, but for women, who are far more likely to be caregivers vs. men, the financial impact can hit especially hard. But in addition to the costs, the psychological issues of getting older are sometimes very difficult to understand.