According to a recent article in BenefitsPro.com,“Bankruptcy is claiming more older Americans.” This is heartbreaking news, but undoubtedly true. The subhead reads, “The number of Baby Boomers filing bankruptcy has tripled since 1991,due in large part to higher medical bills, lower pensions and lack of savings. Older adults represent an increasing percentage of bankruptcy filers, increasing from 2.1 percent in 1991, to 12.2 percent today.”
According to the article, “Older Americans report they are struggling with increased financial risks, namely inadequate income and unmanageable costs of healthcare, as they try to deal with reductions to their social safety net. Simply because of their age, this group is less able to effectively respond to the shifting risks.”
“Study data indicate that between February of 2013 and November of 2016, there were 3.6 bankruptcy claims filed per 1,000 people aged 65 to 74. Yet 27 years ago there were only 1.2 claims per 1,000 in the same age bracket. The Social Science Research Network study asked bankruptcy seekers what drove them to it. Nearly 75 percent cited debt collectors; two thirds said their income had fallen and approximately 60 percent laid the blame on unmanageable medical bills.”
‘Greg Says’thinks that independent agents like myself need to do a better job of educating seniors regarding how best to protect their financial assets from the rising costs of healthcare. Yes, understanding all of the protection options is challenging and yes, most seniors aren’t prepared to do that on their own. That’s why it’s so important for seniors to seek the freeadvice available from certified independent agents in order to be best protected from the financial trauma associated with the high costs of healthcare today.