Baby Boomers are the generation currently retiring, and in the next 10 years, they’ll all be of the retirement age. This is the second-largest living adult generation behind their children, the Millennials. And they’re living longer because of so many medical advancements during their lifetime.
While this sounds like great news, there are some concerns that the health care industry needs to consider. The United States has a growing aging population with fewer young adults to care for them.
Baby Boomers have fewer children to take care of them in their old age. This can be dangerous since they often get injured from falling or misuse their prescription medications. Not only do they not have children to care for them, but there’s even a shortage of medical workers.
Yet Baby Boomers use health services more than any other age group since a majority of them experience chronic conditions. Because of this, the demand for health care is high and it will only continue to grow. Their out-of-pocket medical expenses will increase as they retire so they may struggle to meet their basic needs. And with more retired people, the country will have the largest Medicare-eligible population it’s ever had.
All of these factors can greatly affect the health industry as it tries to keep up with the growing demand from people with more complications. Let’s look at some of the more specific numbers.
Conclusion
Advancements in health care contribute to why we’re all living longer. Yet there are still issues to address. The “Me Generation” will face more complications in their old age so they’ll be using health care the most.
But with health costs so high, it can be hard to support all of them. And with fewer young adults and medical professionals, it’s even more complicated for them to get the care they need.
Baby Boomer Statistic Sources
By 2030, all Baby Boomers will be at least age 65. This means that 1 in 5 US residents will be of the retirement age - Forbes
The over-65 population will have tripled from 1980 to 2030 - American Mobile
The Medicare-eligible population will be 69.7 million by 2030, compared to 35.1 million in 2000 - Health Affairs
By 2050, there will be 83.7 million people over 65 years, almost double the 43.1 million seniors in 2012 - Forbes
More people than ever will rely on Medicare and the health care system - Encompass Health
Older adults will outnumber children under the age of 18 for the first time in US history by 2034 - United States Census Bureau
The current fertility rate of US women is 1.7 children per woman, less than the 2.1 children needed to replace the population - United States Census Bureau
Older adults who live alone face more financial struggles. 12% don’t have enough to meet basic expenses, and 25% just meet their basic needs - Pew Research Center
Health care costs for a retired 65-year-old couple are $275,000 out-of-pocket. This doesn’t include the cost of long-term nursing care or rehabilitation - USC Price
Over 37 million Baby Boomers will manage multiple chronic conditions by 2030 - American Mobile
25% will live with diabetes, almost half will live with arthritis, and over 33% will be classified as obese and living with all the health risks associated with obesity - American Mobile
Less than 60% engage in physical activity and strength training - Healthy People
Falls are the leading cause of injury among older adults. Every year, 1 in 3 older adults fall, but less than half tell their doctor - Healthy People
In 2018, there were approximately 142 million emergency room visits, up from 100 million in just 10 years - Long Beach Business Journal
Hospital admissions are set to double by 2030 - Forbes
There’s a projected shortage of 46,900 to 121,900 primary care and specialty care physicians by 2032 - Association of American Medical Colleges
Between 2014 and 2024, the demand for advanced practice nurses (APNs) is expected to rise by 31% - Bradley University
The health industry needs an additional 1 million nurses through 2026 to fill newly created positions and to replace retiring nurses - Forbes
