As baby boomers approach retirement age, they are expected to completely change the face of the U.S. healthcare system, mainly due to their additional medical needs, compared to previous generations.
According to a recent infographic put together by Concordia University with data from government sources, it turns out that the average American over 65 has multiple chronic conditions, including hypertension (72 percent), arthritis (51 percent), heart disease (31 percent), cancer (24 percent) and diabetes (20 percent), accounting for one third of all healthcare spending in America. Furthermore, they spend an extra $1,456 out-of-pocket for insurance, medical services, medications and supplies.
In the meantime, healthcare providers are busy growing their senior care infrastructure in preparation for the next wave of baby boomers expected to resort to medical services in the near future. By 2020, an estimated 5.6 million healthcare jobs will be created to accommodate seniors' increasing needs, in pharmaceutical and medicine manufacturing, nursing care facilities, community care facilities for the elderly, and home healthcare services.
Here are all the findings Concordia University's infographic reveals: