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Boomers' health costs could double: Money Watch 2010-03-05 The baby boomer generation, 78 million strong, has already been joining the ranks of the retired - but boomers may face the threat of higher medical costs in the future. As reported Thursday on CBS Money Watch's "Retirement Beat" blog, a recent Urban Institute study estimates that out-of-pocket medical costs (those not covered by Medicare) will double by 2040. At the moment, the institute said, medical expenses are an already substantial $3,300 per person per year. And they could jump to $7,800 by 2040 - if current medical cost growth trends keep up. The ongoing trend of reduced employer-funded health insurance could only exacerbate the problem, researchers say. Companies have been cutting costs for years: They are not only laying off workers but reducing insurance and pension benefits for the employees lucky enough to hang on to their jobs. As columnist Carla Fried writes, the best insurance against high medical bills could be regular exercise today - and she cites a recent New York Times article that hints at how effective exercise can be. "Higher quantities of physical activity have beneficial effects on numerous age-related conditions," the Times quoted scientists as saying.  |
