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Topic- Economics of aging
OTC hearing aids cost-effective, expand access
Over-the-counter (OTC) hearing aids, recently available in the United States, were associated with a greater uptake of hearing aid use and were cost-effective over a range of prices. However, the benefits depend on how beneficial the OTC aid is to a patient's quality of life -- i.e., more than 55% compared to a traditional hearing aid.
moreEconomics of aging
Stats: 10% of 50+ population are solo agers
About 10% of the 50-plus population are solo agers – that is, older adults without a partner or children -- according to AARP's Solo Agers Survey. For the most part, these solo agers are enjoying their lives, according to the survey. They enjoy the independence that living alone affords them, and about half (49%) are somewhat or extremely optimistic about their quality of life compared to 59% of adults 50-plus overall. They could be a growing customer base for independent living, as these findings show:
moreEconomics of aging
Cost of family caregiving skyrockets
The unpaid work provided by family caregivers is valued at an estimated $600 billion, according to the latest report in AARP's "Valuing the Invaluable" series. This is a $130 billion increase in unpaid contributions from family caregivers since the last report was released in 2019. The economic impact of $600 billion is more than all out-of-pocket spending on healthcare in the US in 2021 and highlights the need for organizations to engage with and support family caregivers.
moreEconomics of aging
Stats: 80% of older Americans can't withstand a financial shock
A recent analysis by the National Council on Aging (NCOA) and the LeadingAge LTSS Center @ UMass Boston found that 80% of older Americans (47 million) continue to be unable to sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood. This has implications for active-aging organizations looking for new customers, as the report suggests that middle-class older adults are at risk.
moreEconomics of aging
UK prevention/enablement model boosts wellness, cuts costs
A collaboration among the Essex County Council, Active Essex, Sport for Confidence and Sport England showed various benefits, including increased physical activity and wellbeing among participants, and some decrease in doctors' visits, emergency calls and hospital trips. This reduction in service use was estimated to represent a cost saving of £365.23 per person, per year, according to a recent report on the outcomes of the Prevention and Enablement Model (PEM). The model demonstrates the value of collaboration among community organizations in improving constituents' wellness while reducing healthcare costs.
moreEconomics of aging
Brain health benefits economies globally
In a recent commentary in the journal Nature Aging, Sarah Lenz Lock, JD, Senior VP Policy & Brain Health and Executive Director, Global Council on Brain Health, Washington DC, highlights what AARP calls the "six pillars of brain health" and their economic and societal benefits. Lock writes, "[A]n often-overlooked benefit of brain health is what it can mean for an entire society when its older population is more cognitively resilient -- specifically, the positive effect that a mentally sharp workforce brings to the larger economy." It's something the active-aging industry needs to keep in mind, and actively promote.
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