Poverty and the Elderly
Nicole Kirk
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September 29, 2013
Dr. Kevin CorsiniAbstract
The largest growing population in the United States with the coming of age in the Baby Boomers generation is the elderly. Currently, there is one in eight individuals who are age 65 or older in the United States. “By 2050, this proportion will increase to one in five (U.S Census Bureau 2009)” (Scharlach, 2012, p. 25). The impact in financial issues on the country is just beginning and must be addressed. The beginning of change started with the Social Security Act and creation of Medicare. Social Security assisted in alleviating the issues of poverty among many of the elderly and Medicare helped to reduce the financial burden of health care. The prescription drug program also known as Medicare D has provided assistance reducing medication costs. The Affordable Care Act is the new health care program that will assist in closing the doughnut hole. These changes only create challenges and stress for the elderly as they struggle financially. “The issue of poverty is especially troublesome for the elderly since they have few possibilities to recover from a drop in income” (Cherchye, Rock, & Vermeulen, 2012, p. 985). The definition of poverty needs to be changed to address the current issues with the elderly. This purpose of this paper is to understand the financial issues present in the elderly population and how health insurance changes are causing an increased hardship.
Poverty and the Elderly
The aging population in the United States is presenting many difficult challenges for not only the government but also the population itself. “The U.S. census Bureau projects that the population of those ages 85 and older could grow from 5.8 million in 2009 to approximately 20 million by the year 2050 (U.S. Census Bureau, 2008) (Martin, 2011 p. 122). The Baby Boomers are entering the aging population and will start receiving benefits….