1 in 5 older Americans say they have used their savings or lost their main source of income due to an epidemic

We all know that Covid-1 has had a devastating effect on the health of older Americans. Now, a new study from the Commonwealth Fund Foundation has found that coronavirus has become equally cruel financially.

In fact, the 2021 International Health Policy Survey for Adult Adults shows that Americans + 5+ are suffering more economic hardship and health care than their age in the other 10 richest countries. In some cases, much more.

The results, released a day after the U.S. Census report, found that the median household income of Americans 65 years old fell 3.3% from 2019-20. It is now around $ 46,400 (average household income for those under 65 drops by 2.6%).

Americans 9% of Americans 5 years of age or older now live in poverty. According to the National Council on Aging, half of Medicare beneficiaries earn less than 30 30,000.

‘A bad show for the United States for retired wellness

Another new international survey from Natixx Investment Managers named the United States 17th in the world for “Retired Wellness”. (Iceland was No. 1 for the third year in a row.) America’s rank is down one step from last year. Respondents to the survey – who have at least ,000 100,000 in investable assets – say Covid-1 has made retirement safer.

Also, the President of the Commonwealth Fund, Dr. “Black and Hispanic adults were suffering unequally due to the economic downturn of the epidemic,” David Blumenthal told the media in the United States.

The Commonwealth Fund conducted 65+ surveys of 18 + 47 adults from March to June 2021 in Australia, Canada, France, Germany, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdom and the United States:

Nineteen percent of older Americans report that they have spent their savings or lost their main source of income due to the epidemic. In Germany, Switzerland, the Netherlands and Sweden the rate is four to six times.

About 4 out of 10 Hispanic adults and 1 out of 3 black adults said they were experiencing economic problems related to the epidemic. In contrast, only 14% of older white adults said so.

Source: Commonwealth Fund

Thirty-seven percent of older Americans with two or more chronic conditions report epidemic-related disruptions to their health care. Compared to all other countries surveyed, their medical appointments were most likely to be canceled or postponed due to epidemics. In Germany, for example, only 11% of people reported such results as + 5 ++.

The Commonwealth Fund says 68% of U.S. respondents reported two or more chronic conditions; 42% had three or more – significantly higher rates than the other 10 countries and slightly lower than the percentage of Medicare beneficiaries in the United States as a whole.

Twenty-three percent of Americans5+ Americans who needed help with daily life during an epidemic যেমন such as eating or dressing নি did not receive such assistance because caregiving services were canceled or very limited. In Canada and the United Kingdom, only people aged 65 and over had the worst condition (31% and 30%, respectively).

All of this results in our nation spending the highest percentage of its gross domestic product on healthcare overall. And Americans have health insurance for 65+ Americans through Medicare, Private Medicare Advantage Plans or Medicaid.

In fact, Sharon Stern, assistant director of employment statistics at the Census, said Tuesday, Sept. 1, that her new figures show only 1% of Americans lack +5 ++ health insurance. Those who are uninsured are slightly higher than 0.9% in 2018.

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Economic challenges despite health insurance

Nevertheless, Reginald D., vice president of the Commonwealth Fund for International Health Policy and Practice Innovation. [in the U.S.] Facing higher economic challenges than other countries. ”

Very young Americans surveyed said they were not planning to get the COVID-19 vaccine. “Overall Ticker’s story was quite positive,” Williams said.

Blumenthal noted that one of the advantages of comparing 655+ Americans of the same age with other Americans is that the United States is closest to the type of national health insurance that all of its residents have.

He called Medicare a “critical lifeline” for 65+ Americans, but also said it was a “flawed program” with significant gaps for vulnerable beneficiaries.

Because of those gaps, Blumenthal said, some people in Medicare have out-of-pocket healthcare costs. “We can make Medicare more affordable by capting costs out of pocket and covering more health services, including dental, vision and hearing,” he said.

US Census

Sadly, nearly half of Medicare beneficiaries did not see a dentist last year or have no dental coverage, reports the National Council on Aging.

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The law that President Joe Biden has proposed and is under discussion in Congress will add dental, vision and hearing coverage to Medicare. According to Howard Bedlin of the National Council on Aging, vision coverage will begin in October 2022, hearing coverage 2023 and dental coverage in January 2028.

Proposing to expand Medicare coverage

“This is the history of creation,” said Kathy Greenley, former National Assistant on Aging Chair of the National Council on Aging Chair-elect under President Barack Obama, during an online panel discussion on Wednesday about the possibility of expanding Medicare.

But it is not certain whether any of those Medicare reforms will become law. Meanwhile, physician and dental lobbying groups are fighting the proposed additional coverage, fearing lower pay for physicians and dentists.

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Some Republicans believe that additional coverage would be too costly for the U.S. government. According to the Brookings Institution, the proposal to add dental, vision and hearing to Medicare in 2019 cost 35 358 billion over 10 years.

The Commonwealth Fund report concludes with this call: “America has a way to reduce this burden on older Americans and take steps to meet their health needs.”

The United States can do much more to help older adults meet their care needs, says researchers at the foundation: The economic epidemic of older Americans has improved and the epidemic against racial and ethnic discrimination has increased.

Richard Eisenberg is senior web editor at the Money and Security and Work and Purpose Channel on Next Avenue and managing editor of the site. He is the author of “How to Avoid a Mid-Life Financial Crisis” and personal finance editor at Money, Yahoo, Good Housekeeping and CBS Moneywatch.

Reprinted by permission from this article, © 2021 Twin Cities Public Television, Inc. All rights reserved.

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