The Effect of Rising Health Care Costs on Baby Boomers

A Problem Worth Resolving: IBD Insurance Can Help

 
The combination of rising out-of-pocket health care costs in addition to sluggish wage growth is threatening many people's ability to save up enough money for retirement.  This is especially true of adults who are in their 50s and 60s (aka: the baby boomer generation), whose per capita health care expenses are almost twice as much as younger adults.As many people are already aware, the retirement of the baby boom generation is predicted to have a significant impact on the rest of the economy, placing an enormous burden on the working population over the first decades of the next century. While having health insurance is important for everyone, it is especially important for the older generations of people who, statistically, have higher rates of chronic health conditions such as diabetes and cardiovascular disease.  In many cases, research has shown that many baby boomers have unstable insurance coverage, and those who have low income, individual coverage or no insurance at all spend a significant chunk of the money they do have on health coverage, often with limited access to care.  IBD Insurance understands the problems that many baby boomers face, which is why we offer affordable individual health insurance plans to suit each person's individual needs.

Effects Felt By Everyone

According to the Commonwealth Fund, economists and political figures have issued dire warnings about the tax burdens that will be needed to support social security, Medicare and other retirement benefits when the baby boom generation reaches retirement age. Many of us are already feeling the effects of that tax burden already with the increased cost of premiums, deductibles and prescription medication. Seniors are especially concerned about the rising cost of health coverage.  Since the incidence of chronic conditions increases dramatically with age, older adults are often placed in a financially difficult position as they struggle to pay their medical bills. While many people have already allowed the rising cost of health care to deter them from having health insurance coverage at all, this does not always have to be the case.   Contact a qualified IBD Insurance agent, who will walk you through the various health care plans and options available to you and/or your family.  At IBD Insurance, we know and understand how important health care coverage is, and we are dedicated to helping you find the right type of plan to fit your needs.

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