Baby Boomers’ fate hangs in the balance alongside Medicare
July 1, 2011
Medicare has recently been the target of possible federal budget cuts, and official discussions have been ongoing about whether or not to dissolve the program. The Huffington Post reports that if the program is discontinued, people who are currently 65 years of age and older would not lose their coverage, but no one entering their golden years will be eligible for Medicare. This possibility comes at a time when the Baby Boomer generation is beginning to reach the age of retirement, which could strand millions of Americans with no guarantee of healthcare.
Personal emergency response systems can provide security for elderly individuals by sending medical alerts to emergency responders if an accident occurs, regardless of whether the user has health insurance.
Many Baby Boomers are also currently the primary caregivers for their elderly parents, which CBS Money Watch states can cost them an average of $300,000 per year in lost wages, pensions and Social Security benefits. The stress of caring for aging loved ones can also have an impact of the emotional and physical health of these family caregivers, which could potentially last into old age.