Financial Implications of Longer Life Expectancy.
It is evident that American seniors make up a large part of the United States' population and that the average life expectancy has increased as it is one of the fastest growing demographic segments of American society today. Members of the baby boom generation will soon begin to retire in large numbers around 2010 and ultimately force federal agencies to devise, reform and put into effect regulations and programs to adjust to the growing number of elderly people. What can be done to accommodate them as well as the already existent older crowd? Offering employment to people 65+ may be of great assistance to the economy, the industry itself and especially the seniors themselves.
According to the U.S. Census Bureau, the number of seniors, aged 65+ has tripled since 1900 along with the older population getting older. Approximately one out of every six or 45 million people are over the age of 60 and there is without a doubt that they can enjoy living well into their 80s and 90s due to technological advances, medical improvements and healthier lifestyles. .
On another note, there has been a decrease in the mortality rate. The combination of life longevity and a declining death rate will ultimately play a major role in financing for long term care. There are questions to ponder as to how the government will deal with the rapid growing elderly in America. Where will the baby boomers go? What can they do? What about our pre-existing aged population? More importantly where will the funding for new or reformed programs come from?.
The healthcare industry today can be very complex and frustrating sometimes nevertheless, it has come a long way. The evolution of modern healthcare organization can be traced directly to World War I and World War II. Improvised care centers (tents, ambulances, ships, airplanes and trains) provided effective medical care to injured men in combat.
