White House Conference on Aging will address health care affordability

Feb 26, 2015 | Healthcare Accounts Receivable

On this blog, we've discussed how the rising cost of medical care is a pressure many seniors face, whether they're aging in place or in a full-time care facility. This week, the White House Conference on Aging will convene in Tampa, Florida, to discuss important aspects of health care policy that will create opportunities and pose challenges for seniors. 

"While most people get help from family and friends with no money changing hands, almost 35% of older people pay for services, raising issues of access, affordability, and quality," explains the conference website. "For older adults with functional limitations who cannot rely solely on family and friends, long-term care can be costly."

The organization found that private services for elderly people cost an average of $1,800 each month, while full-time nursing homes can set seniors back between $70,000 and $80,000 annually. Despite resources available to seniors through Medicare and Medicaid, many are left with outstanding out-of-pocket expenses that can cripple household finances. 

One of the most useful tools for seniors as they select medical care providers is the cost comparison tools offered through care facilities themselves or insurance companies. With greater transparency, older people may make more informed decisions about pricing. Studies have shown that medical care costs are the biggest concern seniors report, outpacing debt and limited personal finances. Individuals have little foresight into the medical attention they will require down the road, so the topic remains an uncertainty for seniors. 

When health care administrators are overburdened by backlogs of cases to manage, they can outsource receivables management to reduce caseloads and focus their attention on high-priority cases. Contact us today to learn how your organization can benefit from Professional Medical Services