To be sure, many people fear getting old simply because of the staggering costs associated with care in life’s final chapter.
And with good reason. From the customer’s perspective, senior living and other forms of long-term care can be a frighteningly expensive proposition. But hold on a second — before Americans can even check in to an assisted living community, there’s a more pressing issue at hand: far too many can’t afford basic healthcare in the preceding years and decades.
A recent study from the West Health-Gallup Healthcare Affordability Index adds troubling context: Only 55% of Americans can afford and access prescription drugs and quality healthcare, down six points since 2022. The decline is especially pronounced among those aged 65 and older, who saw their affordability drop by eight points.
The West Health-Gallup survey reveals that nearly one in three American adults avoided necessary healthcare in the past three months due to cost. That’s 72.2 million people, including 8.1 million aged 65 and older. This statistic should set off alarm bells across the nation.
We’re not talking about skipping a luxury item here; we’re talking about essential healthcare. Prescription drugs, routine checkups, treatments — these aren’t optional extras. Or at least, they shouldn’t be.
The sharp decline in healthcare affordability since 2022 reflects how quickly our financial stability can be eroded in the face of a high-priced healthcare system. In a blink, many went from feeling financially secure to drowning in medical debt.
As we continue to debate and dissect long-term care affordability, let’s not lose sight of a more immediate crisis. The road to long-term care is paved with insurmountable healthcare bills that many Americans simply can’t afford.
It’s high time we addressed this issue with the urgency it demands. After all, if people can’t afford to stay healthy now, many will have little hope of needing care in old age – simply because they’ll never reach it.
John O’Connor is editorial director for McKnight’s Senior Living and its sister media brands, McKnight’s Long-Term Care News, which focuses on skilled nursing, and McKnight’s Home Care. Read more of his columns here.
