Health Care Reform Project Part I

In: Business and Management

Submitted By kwayland1965
Words 747
Pages 3
Economic Impact of Providing Medical Care to an Aging Population
In today’s world the aging population is rapidly growing, and with falling fertility rates and the constant increase of the human life span, the United States is preparing for the realization that the fastest growing populace is what the nation considers to be senior citizens. For health care organizations any type of demographic change will automatically bring economic and social challenges. Almost 80 million babies were born in the United States from January 1946 through December 1964. This segment of the population is known as the Baby Boomers. In 2011 the first wave of Baby Boomers began reaching age 65, the age of entitlement. Every day from today for the next 16 years approximately 10,000 Baby Boomers will turn age 65 and become entitled to Medicare (www.politifact.com, 2011). With an increasingly older population come the need for a greater number of prescription drugs, a greater number of medical office visits in order to extend the aged quality of life, and a greater need for long term care. 80 million Americans within the next 16 years will receive some form of government funding for health care adding to the already fraught health care economy.
Ageing population puts strain on medical costs: Bernanke warns of ‘fiscal crisis’
With more than 10,000 Baby Boomers reaching the age of retirement and Medicare eligibility every day for the next decade and a half the nation’s and states’ government are facing a disastrous fiscal crisis. The Congressional Budget Office made a projection in 2007 that the federal debt held by the public to gross domestic product ratio will have ballooned to 100% in 2030 however the nation has surpassed this figure as of 2012. The government’s dilemma is how to decrease health care spending while extending the quality of life for these 80 million aging baby boomers.…...

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