Understanding the older demographic in the United States
The rapid increase in the number of older Americans is reshaping America. It is therefore essential to understand their needs and challenges. The “2023 Profile of Elderly Americans” report published by the Administration on Aging compiles data from U.S. Census Bureau and the National Center for Health Statistics. This report provides an in-depth look into the lives of Americans 65 and older. The Indianapolis attorneys of Frank and Kraft have discussed some key highlights of the report in an effort to better understanding the older demographic of the U.S. This is a significant shift in demographics. In the last ten years, senior population has grown by 34 percent. From 43.1 million people in 2012, to 57.8 millions in 2022. This is a far greater increase than the growth of the population under 65 and reflects the ageing of the Baby-Boomer generation. By 2040, it is estimated that 22 percent of Americans will be 65 years old or older. The number of people 85 years and older should more than double. Maine, Florida Vermont and West Virginia each had a senior population of over 21 percent in 2022. These states, along with others, are expected to see even greater increases in their senior populations in the coming years.
Marital Status and Living Conditions
There are notable differences between the marital status of older men and women. In 2023, 68 per cent of men 65 years and older were married compared to only 47 per cent of women. This disparity is due in large part to the longer life expectancy for women, which has led to a higher number widowed women within the senior population. Among the seniors in the community, 59% lived with their spouse or partner. Many seniors face significant obstacles, despite 88 percent expressing a desire to age in place. Most homes in the United States are not designed to meet the needs of older adults, particularly those with mobility challenges or disabilities.
Financial Security and Challenges
Financial stability remains a major concern for many older Americans. In 2022, median income for seniors in the United States was $29 740. There was a large gender gap, with men having a median of $37 430 and women having a median of $24,630. Around 10 percent of seniors are living below the poverty level, and 4.7 per cent have incomes that are just above poverty. The rising cost of healthcare is another significant burden. In 2022, seniors will spend an average of $7.540 on healthcare costs, a 47 percent rise from 2012. A large portion of these expenses goes towards insurance. A large portion of these expenses goes toward insurance.
Health Issues Among the Older Demographic
Health remains a critical concern for older Americans, many of whom manage multiple chronic conditions. In 2022, 24% of seniors will rate their health as fair to poor. Among seniors, arthritis (48%), high pressure (59%), high cholesterin (48%), and diabetic issues (20%) are common health concerns. Most seniors (90%) take prescription medication. Twelve percent of them are on medication for depression, and thirteen percent for anxiety. Falls are a significant risk for seniors, with 28 percent of those aged 65 and older experiencing at least one fall, and 10 percent suffering injuries as a result.
Caregiving and Healthcare Coverage
Nearly all seniors in the U.S. have health insurance, with 94 percent covered by Medicare. Medicare does not cover the full cost of healthcare, so many seniors must rely on private insurance, military coverage, or Medicaid. Fortunately, only 3 percent of seniors reported being unable to access necessary medical care due to cost.
Caregiving plays a crucial role in the well-being of seniors. Over 37 million family caregivers will provide unpaid care for someone 65 years or older between 2021 and 2022. Caregivers aged 65 and older were most likely to provide care, often for a friend or neighbor, dedicating an average of 4.9 hours per day to caregiving activities.
Can We Help You with Legal Issues Faced by the Older Demographic?
For more information, please join us for an upcoming FREE seminar. For more information or if you have any questions about the legal issues that seniors face, please contact the Indianapolis elder law attorneys of
Frank & Kraft
, by calling (317) 684-1100, to schedule an appointment. Read More! Latest Posts by Paul A. Kraft Estate Planning Attorney (see all)
