Final answer:
The average expenditure for health-related expenses for the population 65+ is higher than for those under 65, due to the increased need for care. Medicare is the primary public healthcare system for those over 65, and the growing number of elderly Americans will challenge the sustainability of programs like Social Security and Medicare.
Step-by-step explanation:
The average expenditure for all health expenses for the population 65 and older, including acute care, chronic care, and long-term care, is generally higher than the cost for people under 65. This difference in healthcare spending is due to a variety of factors, such as the higher prevalence of chronic diseases and the increased need for long-term care among the elderly population. Healthcare is expensive and EBRI estimates that a couple at age 65 may need around $283,000 to cover their healthcare costs during retirement. According to a National Health Expenditures report released in January 2011, healthcare represents a greater share of income as one ages, emphasizing how critical these costs are to the aging population.
The public healthcare system that primarily offers insurance to people over sixty-five years old is Medicare. With the aging population, there is concern about the sustainability of Social Security and Medicare funds. In the United States alone, the number of people over age 65 is increasing, which will lead to higher spending on these programs. The current payroll taxes might not be enough to cover the expected costs, hence adjustments to the programs or tax structure may be necessary in the future.
The financial resources available to the aging population can vary tremendously based on race, social class, and gender, and the poverty rate of the elderly in the United States is a concern. As elder care becomes an emerging issue, countries and cultures around the world will need to adapt to address the associated challenges.