Can the Aging Population Put Brakes on Medicare? Here’s the Scary Answer
Even as many countries are battling a problem with overpopulation some nations and especially America are dealing with a problem of underpopulation. This is a common problem with developed nations which have a large aging population of people over the age of 65.
Quite a few reasons have been attributed to the underpopulation with the prime reason for them being the baby after World War II and the fact that global life expectancy has increased by approximately 20 years. Life expectancy in 1960 was 53 years but had risen to 71 in 2012. Presently there are more seniors as compared to the younger generation and we are looking at how the aging population will affect the world.
The Aging Population Can Cause More Car Accidents
When matters related to driving cars are concerned senior citizens are just not responsive as younger drivers. The CDC has mentioned that age has a role to play in making drivers worse. Data available also proves that around 15 senior citizens succumb to accidents and about 500 are injured every day from car accidents just in the United States. With the problem expected to aggravate car manufacturers are looking forward to finding ways to make driving safer for senior citizens. Major manufacturers like Toyota from Japan are planning to release a software for cars which allows cars to communicate with other vehicles in order to avoid collisions. It could be one of the reasons why Google decided to develop its self-driving car. Toyota and Google are both hoping that the measures being adapted will give senior citizens an opportunity to be independent without compromising their safety on the roads.
Options Available To Begin A Second Career
The aging population is likely to create work shortages for people who are below the age of 65. It simply means that there will be plenty of opportunities for employment especially for people over 65 that do not want to retire. It will give them opportunities to begin a second career simply because of the increasing demand which is being noticed. Until this moment the market had been catering to the younger generation but with the increasing aging population, changes will be witnessed in the way products are marketed because the aging population will be considered before new products and innovations are promoted by manufacturers.
They Will Be A Strain On Health Care
The strain on health care should not surprise anyone because senior citizens are accessing these services more than any other demography. It is also a fact that within the United States nearly 25% of the expenditure on healthcare is being spent on end-of-life care. Senior citizens have not been a major burden on healthcare systems globally because the process of aging in different communities has been gradual. However, the numbers are changing drastically and senior citizens in some countries are expected to double or even triple for the next three decades. Fears are being expressed that there will be a shortage professionals and spaces in hospitals to manage healthcare because of the increasing demand by the aging population.
Higher Tax Burden
The aging population is going to bring the burden of paying for healthcare and pension plans on the others. It is a problem which needs to be dealt with by the governments that should be planning and making investments to deal with the issue. Unfortunately, they aren’t doing so at the moment and it simply means that taxes will need to be increased. A minor increase in taxes presently will help the government to avoid a major tax hike in the future. The United States is fortunate in this regard because members of the Congress are also getting older just as the people who elect them to the office. Therefore the chances of the Congress passing the bills to raise taxes in order to ensure that the aging population can afford basic necessities is a realistic prospect.
The aging population is here to stay and will not vanish before their time. They will impact the society in general in terms of higher costs towards healthcare and pensions but the possibility of them contributing to the betterment of society also remain. Under the circumstances the fact that the ageing population than just benefit the world and even make it a peaceful place to stay must be taken into account without simply looking at the higher costs of their healthcare needs.
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