Closing The Care Gap: How To Make Healthcare More Affordable For Seniors

The global population is aging, and the cost of living is rising. One of the main worries facing senior citizens and their families is being able to afford healthcare. Without access to affordable care, there are real risks of older people slipping through the net. What can be done to close care gaps and make healthcare more affordable and accessible?

The backdrop

The population is aging. Advances in technology, science, and medicine have contributed to longer life expectancy. In 2015, there were approximately 901 million people aged over 60, which equated to 12.3% of the global population. By 2030, statistics suggest that the figure will increase to 1.4 billion people, representing 16.4%. If current projections are accurate, by 2050, over 60s will account for 21.3% of the global population.

The fact that people are living longer is positive, but what happens when they approach their senior years with anxiety and trepidation because they're worried about being able to afford healthcare and care services provided by nursing homes or domiciliary care companies?

A 2022 West Health-Gallup survey of over 50s in the US revealed that over two-thirds view healthcare costs as a burden. In the UK, a recent study conducted by Age UK found that 75% of older people are worried about the rising cost of living.

What can be done to make care for seniors more affordable?

Most countries are facing a squeeze on their finances due to the impact of the pandemic and rising fuel, food, and energy costs. The ongoing conflict in Ukraine has exacerbated the situation and contributed to uncertainty about the future of energy and oil prices and the availability of staple food products. Many governments are also providing funds to help refugees and Ukrainian aid efforts. Even the wealthiest countries are struggling to cap prices and help citizens to cope with soaring living costs.

The cost of care for older people varies according to where you are in the world, but one common denominator is rising levels of anxiety among seniors and their families. Healthcare is more accessible in some countries than in others, for example, in the UK, where the National Health System provides free hospital, community, and GP services. However, there are charges for care services that may be required for older people who need additional medical or nursing care, for example, nursing home care or home care services. In the US, seniors have access to Medicaid, but there are restrictions and limitations.

Accessing affordable care is a problem, but there are solutions. Schemes like Freedomcare in the US can help older people to access the help they need without worrying about paying expensive fees. Under this initiative, nominated caregivers, including the individual's relatives or friends, receive payment to look after their parent, aunt, grandparent, or friend. There is also additional financial assistance available in many states for low-income seniors, veterans, and people who have disabilities or chronic health conditions. The first step to take when looking for services is to find out about support programs and financial assistance schemes and check the eligibility criteria.

In the UK, there are initiatives and benefits in place to lower living costs, including pension credits, cold weather payments to help with heating costs, free NHS dental care, and reduced electricity bills for eligible homes. Social care is not free of charge. Costs vary according to the type of service and the outcome of financial means testing. Nursing home care is more expensive than home care services. Service users with lower incomes should pay less than those with higher incomes, generous pensions, and savings.

In many European countries, it is common for younger members of families to look after their elders. Often, in countries like Italy and Spain, multiple generations live under the same roof or within the same villages and towns. Recently, there has been a shift towards this model in other countries, including the UK. More than 1 in 5 people aged between 50 and 64 years old care for at least one elderly relative. Over 65s make up a third of the UK's population of informal carers. Providing care for family members has benefits for both caregivers and those who receive care. Most people want to be able to help their parents or grandparents and this arrangement can reduce costs significantly. For those who need help around the house or basic nursing care, having a child, nephew or niece or sibling care for them is more appealing than a stranger.

Increasing funding for social care is another step that could make a positive difference. As costs rise, the proportion of older people that can afford nursing or home care services will decrease. Standard pension payments may not be enough to cover living costs and care. The UK Government announced plans to increase funding for health and social care in 2021. Under new guidelines, an additional tax, the Health and Social Care levy, would raise money for adult social care.

What does the future hold?

There is a great deal of economic uncertainty at the moment, with governments struggling to balance the books in the aftermath of Covid, new waves of infections, and conflict raging in Ukraine. Living costs are likely to continue to rise in the coming months, but what does that mean for seniors and their families in terms of paying for health and social care? Additional funding will make a difference, but will there ever be enough to ensure that every person receives the care they need without experiencing financial pressures? Saving for retirement and robust pension plans are key, but a growing number of people can't afford to put money aside in their 20s, 30s, 40s, or 50s for later life due to high rates of inflation and rising prices for fuel, electricity, and food. Governments know that care is a problem but there are no easy solutions.

Paying for health and social care is one of the most significant and widespread worries for older people. As the global population ages, funding care for seniors will become an increasingly difficult challenge.

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)