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The poor, the rich, and the insecure elderly caught in between
1Institute of Public Affairs, University of Wisconsin-Madison 53706.
The Milbank Quarterly
|January 1, 1990
Summary
Economic security for older Americans requires evaluating income and assets against potential health and financial challenges. Over 4.5 million seniors face economic insecurity, necessitating policy changes to address insurance adequacy and resource sufficiency.
Area of Science:
- Gerontology
- Health Economics
- Public Policy
Background:
- Assessing the economic well-being of the elderly requires considering financial security relative to potential health and financial challenges.
- Traditional economic measures may not fully capture the unique vulnerabilities of older populations.
Purpose of the Study:
- To evaluate the economic security of the elderly by assessing income, assets, and resource adequacy against potential risks.
- To identify the proportion of the elderly population facing economic insecurity.
Main Methods:
- Utilized data from the 1984 Survey of Income and Program Participation.
- Applied measures of income security, asset sufficiency, and insurance adequacy relative to health status and potential contingencies.
Main Results:
- Identified 4.5 million elderly individuals as economically insecure.
- This economically insecure group represents 20 percent of the total elderly population.
Conclusions:
- Current public and private insurance policies implicitly contribute to the economic insecurity of a significant portion of the elderly.
- Policy interventions are necessary to enhance the financial security and resilience of older Americans.
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