Millions of Americans are living longer than ever before—and working longer, too. Over the last 22 years, the average age of retirement has risen from 59 to 66.1 As our workforce continues to grow older, employers are asking how they can best support healthy aging for a growing portion of employees who are working into their sixties and beyond to make ends meet. While this varies greatly between companies and individual employees, basic preventive care is at the foundation of healthy aging.2
Why is access to preventive care so critical for older employees? People of all ages should receive regular check-ups, but the risks of not receiving basic preventive care begin to climb as early as patients’ 40s. Cancer screenings, blood pressure assessments, blood sugar checks, immunizations, and annual physicals can massively reduce the risk of chronic or life-threatening health conditions, including heart failure, strokes, and cancer. 4 However, more than half of older adults do not receive consistent preventative care—and cost is the primary reason why.
Accessibility & Affordability
On average, 10,000 more Americans turn 65 every day, and despite Medicare, out-of-pocket health costs have still grown by 41% between 2009 and 2019. 5 Plus, with insurance premiums higher than ever and the cost of a check-up in the hundreds without coverage, millions of employees are forced to forego necessary care. 5
The Burden of Healthcare Costs on Older Americans
The Key Facts—A Crisis in Care6
- Annually, 64 million Americans (50—64 years old) do not seek treatment for a health problem because of cost.
- Adults between 50 and 64 have the highest healthcare expenses (without Medicare).
- 9% of Americans (65 and older) have had to choose basic healthcare over food.
Benefits That Cover the Basics
At Hooray Health, we understand that asking employees to simply pay higher premiums and higher out-of-pocket costs is not a sustainable long-term solution. Instead, as employers review their 2024 benefits packages, it’s critical that they do not compromise on basic and preventive care. Even a single annual check-up can prevent chronic and costly health conditions further down the road.
That’s why Hooray Health’s ancillary benefits are designed to enhance employee care with the coverage that matters most. Instead of breaking the bank on expensive and unnecessary options, Hooray puts employees’ needs first at the lowest cost possible.
Ready to see how Hooray Health can support your team? Contact us to get started today.