Economic Wellness for Seniors Worsened from 2020 to 2022

Seniors struggled with poor economic factors from 2020 to 2022, despite a handful of positive trends, according to the United Health Foundation’s America’s Health Rankings Senior Report for 2024.

The report analyzed 52 measures of health, from the number of geriatric clinicians to economic measures of health and many more. It used 24 data sources.

The economic measures demonstrated negative trends. For example, poverty grew among seniors, with 10.9% of elderly Americans living in poverty. Race and ethnicity, as well as geographical factors, might be indicators of prosperity: white individuals had low rates of poverty growth, while American Indian/Alaska Natives saw a 19.8% increase in poverty. By region, the District of Columbia had the highest poverty rate, and Utah had the lowest.

The increase in poverty likely impacted other economic measures, like food insecurity, which grew from 2020 to 2021. Almost 13% of seniors struggled to afford food. This is particularly significant in its historical context: food insecurity in this population has not increased since 2014.

Additionally, the share of seniors struggling with housing costs hit 33.1%. The report found that 741,000 more seniors struggled in this area compared to 2021 data.

Apart from economic difficulties, seniors also wrestled with emotional challenges. Respondents were more likely to report depression and frequent mental distress in 2022 than they were in 2021. Those with disabilities, specifically cognitive disabilities, were more prone to these conditions.

Drug-related deaths increased, continuing a trend that started in 2017. Black older adults were most likely to die from drug-related incidents, and Asian seniors were least likely.

However, there were some bright spots. Overall, the early death rate dropped 8%. This trend was particularly pronounced for Hispanic individuals and American Indian/Alaska Native seniors.

Another important positive trend occurred in seniors’ isolation. Seniors were 12% less likely to have risk factors for social isolation in 2018 to 2022 compared to 2011 to 2015. Additionally, respondents reported having more access to high-speed internet, which can impact both isolation and access to care. Over eight in ten seniors had high-speed internet access.

Lastly, the number of geriatric clinicians grew. Overall, the field expanded by 4% from September 2022 to September 2023, and in six states, it increased by 9% or more.

Utah achieved the highest health ranking for seniors, followed by Colorado. Mississippi had the lowest rating and Louisiana was second-to-last.

These trends are important signposts for payers looking to improve seniors' benefits through social determinants of health programs and financial wellness supports in Medicare Advantage and Medicare.