Boomers worry about health costs in retirement
As the wave of baby boomers begin to retire, the strains of funding Canada’s health-care system will only grow over the next decade.
Combined with rising costs for most things in general, economists say health care spending, left unchecked, will become unsustainable.
Add to that the prospect of reduced or even total elimination of company health benefits, and aging boomers may be right to be worried.
As it is, doctors are already having a hard time dealing with aging boomers and their increasing caseload of chronic illness, according to a recent survey.
Almost three quarters of them say their caseloads are taking up more of their time, and they blame chronic conditions, extra paper work, an aging population and increasing patient expectations.
In 2010, doctors said 61 per cent of urgent patients were seen within a day — but for non-urgent cases, patients had to wait an average three weeks, or 12 weeks for a specialist.
The solution: Increase funding for long-term care facilities, home care and caregivers and improve utilization in general. But that’s probably not going to happen anytime soon, it seems.
And even if it does, with the current health accord between Ottawa and the provinces due to expire in 2014, it’s still not clear just how to fit the bill.
In the meantime, even though they only account for a fraction of costs right now and are unfairly targetted, boomers are going to have to think harder about more than how they can afford their health care.
They'll need to strategize ways to coordinate their care, take care of themselves now to maintain health, prevent any worsening of a chronic condition they currently have and prevent from picking any new ones up along the way.
Is it simply unfair to blame the “silver tsunami” for all this? Even if you’re not there yet, what are you doing to prepare for this uncertain future?
By Gordon Powers, MSN Money
* Follow Gordon on Twitter here.
Posted by: John Gaul | Jul 2, 2021 4:06:40 PM
First we need to understand that our salvation does not lie with American style privately insured health care. Second, baby boomers are not the unhealthiest generation. Just wait until the unhealthy 10 to 40 year olds who are inactive, have terrible diets and have been subjected to a host of carcinogens and a broad range of radiation from their environment and cell phones. wireless computers etc. We will see the health problems of today's 70 year olds appearing in people in their mid forties to early fifties.
So it is wrong and dangerous to blame the boomers for our health care problems. The blame lays elsewhere. Blame past and particularly present governments that do not regulate hazardous chemicals, foods, products and environmental problems as they were mandated to do. Blame mindless consumers who are so self centered they rarely think of anyone or any issue beyond their own narrow lives. Blame massive greed in the private sector that puts profit above all else even the health and well being of people including their customers. In short our society is a toxic one. It is not a society with high survivability. We are more divided and ignorant than ever and this mixed with selfishness and greed form a deadly mixture that will put our survival as a first world nation at risk.
The solution lies in realizing these facts about our society and about ourselves. We will have to discover how to work together through our different levels of government to bring about the health care system we need. Together we can achieve much divided we will lose much.
Posted by: Richard Mansfield | Jul 2, 2021 5:56:11 PM
What the young people are worried about is geniune. The sexual revolution in the 60's and 70s led to both parents being forced to work in order to pay for a family house-they have little time for their children. The divorce rate in Canada is very high, again leading to instability for the young people coming up.
The biggest problem caused by the Baby Boomers, however, is a hardwired demographic situation such that there are not enough children now to pay the taxes for the future retiree's health care.
It is a fundamental ideological shift that has taken place - the kids know it instinctively.
The courts in Canada since the Charter of Rights perpetuate this problem and will destroy anyone financially who challenges them in court. In the USA, this problem is the same, except that it is coming to a head over their Health Insurance and American society is polarized over it.
Look at the difference between Obama and Sarah Palen. Canada is in the same situation and it is dangerous, given the volatility of the markets. Ideology is driving the economic decisions and it is dangerous. That is what the kids, and myself, are afraid of. You can no longer sweep it under the rug.
Posted by: Bill | Jul 3, 2021 12:28:34 AM
@Tania, how dare you make those comments. I agree with the other person who has labeled you a self-centered spoiled brat. In fact those words were too kind. I am a boomer and retiring now. I also started working at 14, paid for my university education myself, paid for my wedding, houses and cars by myself, etc, etc. So what makes you so special? I have 2 kids now in university and I am paying for their education myself. I am also financially supporting my parents, not to mention giving to charities. So you think baby boomers think only about themselves? You make me sick! You remind of so many of your generation that blame everyone else for every problem. Tell me, do you blame your parents for your lack of intelligence?
Posted by: Northern Ontario | Jul 4, 2021 5:18:05 PM
Anytime there is a topic on financial issues, you get polarized extremes. I have said it before many times in various blogs, even the educated are not very well versed in understanding what costs they will need to budget for. While I can't predict stock markets crashing and the exact inflation in 20 years, I can talk intelligently on what amount of minimal savings/budgeting I will need for a typical retirement without any pensions by companies i've worked for. In order for me to know this, I have actively read various books/publications/newspapers and have talked to my bank to better understand inflation, retirement costs and more importantly, what healthcare expenses I wi can incur since I do not belong to a company plan. Nobody volunteered this information. I needed to be informed on these issues so that I can better plan my future. I will guess that the majority have not done this type of research thus possibly having a shortfall in their finances.
Once people are informed, it is amazing how their opinions on certain topics turn from very negative to a more balance opinion. So get informed and you lead a better life.