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Financial Stress and Heath Problems: AARP Survey Reports Financial Stressors Taking a Toll on Health

from Ease@Work, 2009

 

The latest victim of the economic recession could be your health. According to a recent AARP survey, Impact of Economy on Health Behaviors, one in five adults ages 45 and older are suffering health problems due to financial stress.  The survey details the health care problems and challenges many Americans are facing because of the current economic situation.

“Right now people are increasingly concerned about their jobs, retirement savings and simply being able to provide for their families and it’s taking a major toll on their health,” said Bob Gallo, AARP Illinois Senior State Director.  “It’s a harsh irony that worrying about being able to afford health care is actually causing health problems.”

Key findings from the AARP survey include:

  • 20 percent of people 45 and older reported health problems due to financial stress.
  • About one fifth, 22 percent, have delayed seeing a doctor due to cost.
  • 16 percent had to use retirement savings or other savings to pay for medical care.
  • 21 percent have cut back on other expenses in order to afford their medical care.
  • One in six, 16%, are not confident they will be able to afford health care this year.

The survey also found that health problems due to financial stress is having a greater affect on individuals 45-54 and 55-64, than on those ages 65 and older (22 percent and 25 percent vs. 13 percent, respectively).

Insurance Premiums on the Rise

Mounting health care costs are contributing to the financial woes felt by many.  Over the last five years health insurance premiums for families have increased by 65 percent.  The average cost of health insurance for an American family now exceeds the yearly income of a minimum wage worker.  According to the Kaiser Family Foundation, insurance premiums have increased 119 percent from 1999 to 2008, while workers’ earnings have risen just 29 percent.

With increasing premiums and deductibles, preventative care is more important than ever.  Staying healthy is one way of keeping dollars spent on medical care in check.

– end of article

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The employee financial wellness benefits program offered by CFOSimple assists employees with financial issues by providing one-on-one coaching, web-based software and free, unlimited customer and technical support.  Employees may use a combination of outside counseling and our financial resources to get them back on the road to financial health and peace of mind.

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One Response to “Financial Stress and Heath Problems: AARP Survey Reports Financial Stressors Taking a Toll on Health”

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