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Report: Seniors cutting back on healthcare costs

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A new report by the nonpartisan Employee Benefit Research Institute reveals that one in five older Americans is cutting back on healthcare expenses in order to save money.

The EBRI found more than 20 percent of Americans age 50 or over reported switching to cheaper generic drugs, obtaining free samples, reducing dosages and stopping pills altogether in order to cut costs.

“We know that consumption tends to fall with age, but it’s difficult to measure whether falling consumption is voluntary,” said Sudipto Banerjee of EBRI, author of the study. “However, we found evidence that a significant segment of the older population may be making spending adjustments to their healthcare in order to save money.” 

Although insurance isn't required when it comes to healthcare and life coverage, it is strongly recommended in some instances. The team at Troy, Pires and Allen Insurance in Rhode Island recently issued a release urging the people of Massachusetts and Rhode Island to consider the benefits associated with the right life insurance policy and to take steps to guarantee they can secure affordable coverage. The firm said quitting smoking, maintaining a healthy weight and improving a credit score are ways to bring down the cost of life insurance. Comparing life insurance quotes online will yield the most affordable rates for different policies.

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