Ah, Camelot, look what you’ve come to.
The baby boomers launched their adult lives with such promise: peace, love and understanding. Now, says a report from researchers at the University of Southern California, many of them can expect to end their lives with obesity, failing hearts and disappearing minds.
And it’s gonna cost everyone quite a bit of dough as they linger on in the care of the modern medical system.
The report projects costs of Medicare for boomers in 2030, when most will be past traditional retirement age. This generation, according to the study, will suck up far more resources than their parents currently are, due to the high number that will be overweight, disabled and diagnosed with multiple chronic illnesses. The illusions of the 60s will have extracted their final toll.
Total Medicare spending is projected to double, to $1.2 trillion, between 2010 and 2030. Part of the driver is the sheer number of boomers who will still be alive and (sort of) kicking in 2030. As we all know, they are the product of a population spike that has influenced everything from the scent of soap to solutions for erectile dysfunction.
But on a cost per person basis, the increase is still staggering, according to the study. Medicare costs will be 72 percent higher for Boomers during their final years than for Medicare clients today.
While these boomers are projected to live perhaps a year longer once they reach 65 than current retiree aged individuals do in the U.S., their golden years will be marked by higher incidents of hypertension, heart disease, obesity, diabetes and multiple chronic disorders. The only upside is that the decline in smoking will lead to slightly lower rates of smoking-related disorders.