The Increase of Health Care Costs

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The cost for elderly care is increasing because the elderly population is increasing as well as the life expectancy. They are predicting that the elderly population will double in size within the next 25 years according to National Institute on Aging (NIA) and about 10,000 baby boomers will turn 65 each day according to the U.S. News & World Report (A Place for Mom). By the year 2030 they are predicting to add 25% to overall health care costs. 80% of elderly over the age of 65 have at least one chronic medical condition that could either shorten their life or cause a disability (Medical News Today).
The cost of health care is on the rise due to the cost of new technology. The newer the technology the higher the price for care. Technology is constantly improving forcing medical facilities to purchase new and improved technological equipment. Malpractice insurance is increasing (from the year 2000-2002 there was a 15% increase) and ultimately affecting the prices that physicians charge for their services (ABC News). The rise of the level of obesity in our country is affecting the overall health of the individuals and is increasing the cost of health care for that individual.
As the elderly population grows so does the need for care whether it be home based, assisted living, or a nursing home. According to the 2012 Genworth “Cost of Care Survey”- Urban areas costs well exceed the cost for non-urban areas. A one bedroom unit in an urban area is 15.2% more than in a non-urban area and 14% more for an urban area private nursing home room (A Place for Mom). Here is a chart that breaks down the cost between each type of care that I found to be very informative regarding the care that is available:

Care Type In-Home Care Nur...

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...rivate room.
There are a lot of other things to consider when trying to determine/making the decision on what type of care is needed other than cost. Of course, the most cost efficient care would be care provide by a family member but that is not always an option. You really have to do your research when trying to find the best type of care or type of facility is the best. This should not be something that one should rush into.

Works Cited

Elderly Care Cost Comparison, A Place for Mom, April 4, 2012, web (www.aplaceformom.com).
Elderly Care Cost Rising, Requires Prevention, Medical News Today, March 13, 2007, web (www.medicalnewstoday.com).
Health Care Cost: Expenses Hurt Elderly the Most, Huffington Post, Sept. 6, 2012, web (www.huffingtonpost.com).
Why Health Care Costs Keep Rising: What you need to know., ABC News, Mar. 9, 2010, web (www.abcnews.go.com).

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