A recent survey by the University of Michigan asked folks over 50 about their worries on 26 health-related issues in their communities. What stood out? Money matters.
Out of the top six concerns, five were all about the high costs of healthcare. The odd one out? Financial scams and fraud—still about money.
Financial worries
These worries cut across the board—age, gender, race, where you live, your politics, and income. It seems everyone’s feeling the pinch.
Topping the list was the sky-high cost of medical care for seniors, a big concern for 56% of respondents. Right behind was the worry about paying for home care, assisted living, or long-term care, stressing out an equal number of people.
Also on the list: 54% fretted about prescription costs, 53% were anxious about scams, and 52% were sweating over health insurance or Medicare bills. Dental care costs were also a sore spot, bothering 45% of those surveyed.
The bottom line is that money worries are front and center for older adults, overshadowing other health concerns.
“In this election year, these findings offer a striking reminder of how much health care costs matter to older adults,” the researchers explain.
Other issues
Among the top 10 health concerns for older adults nationwide, other pressing issues also emerged. These included worries about getting quality home care, assisted living, or nursing home care (38%), overall healthcare quality (35%), misleading health information (34%), and access to affordable healthy foods (33%).
However, when delving into these topics, differences became apparent among various demographic groups.
For example, women expressed more concern than men about access to quality home care and assisted living or nursing home care (44% vs. 32%). They also showed higher worry levels about social isolation and loneliness (34% vs. 22%), as well as aging in place (33% vs. 22%).
In contrast, 50% of Black older adults voiced deep concerns about racial or ethnic discrimination faced by seniors in their community, compared to 26% of Hispanics and 15% of whites.
Moreover, Black seniors were more likely than others to express worries about age-based discrimination, and unequal access to healthcare, and mental health services.
The survey team also examined the data based on income levels, comparing those earning less than $60,000 annually with those earning more. Interestingly, concerns about dental care costs were more prevalent among the lower-income group, with 49% expressing worry compared to 40% in the higher-income bracket.
“As our society strives to improve the health and well-being of people as they age, it’s important to understand to what extent different health-related topics are of concern for older adults and how perspectives vary,” the authors conclude, “The high level of concern about cost-related issues across demographic groups points to a particularly important opportunity for action.”
