subject: Estimating Elderly Health Care Cost [print this page] It is expected that the over sixty-five year's old population in America is going to grow further in the next twenty-five years. What makes matters more worrisome is the truth that elderly health care cost during this period is going to increase. Because of this, that it is expected that during this time period elderly health care costs will more than double, thanks in good part to the 3.5 percent growth (it is approximated) that will take place in the amount of over sixty-five years old in America.
Doubling of Share of Gross Domestic Product
In the years between 1995 and 2020 this is usually also expected that the share of health care expenses in terms of gross domestic product will double to an expected 10 %. As a matter of fact, if even this ten percent share of the gross domestic product stays static it is still expected that elderly health care cost would rise from its fourteen percent (in the year 1995) to approximately twenty percent in 2020.
In reality, while judging elderly health care costs it's also pertinent to notice that current costs of giving medical care to the elderly have been rising at an alarming four percent (approximately) per year over what it was in the previous decade. In addition, experts estimate that elderly health care costs in terms of spending on health care can rise from its value in 1995 (approximately nine thousand two hundred dollars) to about twenty-five thousand dollars by the year 2020.
These alarming figures are sufficient to set alarm bells ringing and furthermore there's every reason to expect that resources of seniors and those of the government will be strained to break point. This is actually not good news for seniors who commonly foot about a third of their medical costs on their own. However, provided particular helpful measures are taken, there is reason to believe that it is still possible to lower elderly health care cost.
For example, if the risk of suffering from stroke among the elderly could be reduced there could be less need to worry about elderly health care cost; similarly, employers should give employees various insurance plans that will have the effect of making each dollar count for more.
Elderly mental health care is another area that should be addressed since it is estimated that about twenty percent of adult Americans have some type of mental illness or the other that needs to be treated. Common among these mental illnesses among senior Americans are delirium, dementia as well as schizophrenia, psychosis, and also depression.
The bottom line in regard to lowering elderly health care cost is that there is demand to do further research on providing cheap health care without at the same time compromising on quality of health care and by knowing factors that have led to the rise in elderly health care costs, find perfect treatments.
