Baby Boomers and Generation X are facing a dilemma regarding healthcare: they are skipping necessary medical treatments and procedures due to the high costs.
One of the main reasons for this is the rising cost of healthcare in the United States. According to a study by the Commonwealth Fund, the average annual healthcare expenditure for a family of four in the United States is over $28,000. This is astronomical, especially for those on a fixed income or self-employed.
In addition to the high cost of healthcare, many Boomers and Gen Xers face high deductibles and copays, making it difficult to afford necessary medical treatments and procedures. According to a survey by the Kaiser Family Foundation, nearly one in four Americans with insurance coverage have a deductible of $2,000 or more.
Furthermore, many Boomers and Gen Xers face high prescription drug costs. According to a report by the AARP Public Policy Institute, the average annual cost of prescription drugs for seniors is $2,050. This is a significant amount of money, especially for fixed-income people.
The high cost of healthcare affects not only the physical and mental well-being of Boomers and Gen Xers but also their financial well-being. According to a study by the Commonwealth Fund, nearly one in four Americans are struggling to pay their medical bills.
A recent survey has revealed alarming results for individuals between the ages of 45 to 59, with many members of Generation X and Baby Boomers skipping necessary healthcare due to the high costs. The survey found that:
- Nearly half (49%) did not visit a doctor when they were ill or injured
- 45% did not follow through with a recommended medical test or treatment
- 43% did not seek dental treatment when necessary
- 40% did not get a routine physical or other preventive healthcare
- 30% did not fill a prescription or took less than the prescribed dosage of medicine
Although the percentages were less dramatic for individuals 60 years and older, a recent survey reveals that many older adults, including Baby Boomers aged 60 to 72 and Americans older than 72, are still skipping necessary healthcare due to cost. The survey found that:
- 30% did not seek dental treatment when necessary
- 27% did not get a routine physical or other preventive healthcare
- 25% did not fill a prescription or took less than the prescribed dosage of medicine
- 25% did not follow through with a recommended medical test or treatment
- 24% did not visit a doctor when they were ill or injured
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