• Friday, June 21, 2024
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Beyond the Bills: The price of rising healthcare cost for the elderly

Beyond the Bills: The price of rising healthcare cost for the elderly

Older people are undoubtedly faced with complex, growing issues such as changes in family dependability, increased financial demands, economic stress, and, almost at the top of the list, an increased need for medical services.

In Nigeria, as in many parts of the world, rising healthcare costs are a pressing concern, particularly for the elderly. With the aging population on the rise and out-of-pocket healthcare expenses skyrocketing, there is an unarguable need to understand how these escalating costs impact the decisions and lives of older people.

The Numbers Don’t Lie

Healthcare out-of-pocket expenditures for older people are shifting, propelled by a rapidly aging population and a dearth of robust social welfare policies tailored to this age class. In Nigeria, where there are not many support systems in place, it is becoming evident that older people have to spend a significant amount of money on healthcare. Sadly, the demand for this grows as they age.

According to Statista, Nigeria’s demographic composition as of 2020 reveals a growing but still relatively small elderly population, constituting about 4.5% of the total populace of 206 million, equating to 9.4 million individuals. The 2014 World Health Organisation (WHO) report showed that Nigeria’s investment in social security health for older people was negligible. The reality is that not much has been done for over ten years.

In addition, a significant portion of the elderly population remains excluded from the National Health Insurance Scheme (NHIS), grappling with scanty or nonexistent pension schemes and limited income-generating avenues.

Despite the assumption that urban households might fare better, the truth is that many urban elderly households in Nigeria are still not buoyant enough to meet their healthcare needs. This is evident in research from the National Living Standards Survey, which reveals that poverty levels are around 50% in urban areas.

The Impact on Daily Lives

Beyond the numbers, rising healthcare costs reverberate through the daily lives of older people across Nigeria. For many elderly individuals and their families, healthcare expenses have become a constant source of worry and stress. The fear of being unable to afford necessary medical care looms large, leading to difficult decisions and sacrifices.

One significant consequence is the delay or avoidance of seeking medical treatment. These elderly ones may ignore symptoms or forego preventive care measures due to financial constraints, worsening health outcomes and increased healthcare expenses in the long run. This compromises seniors’ well-being and places additional strain on an already burdened healthcare system.

Moreover, rising healthcare costs often force the aging ones to deplete their savings or rely on support from family members, impacting their financial security and independence. Many elderly individuals find themselves caught in a cycle of dependency, unable to afford essential medications or access specialised care without assistance.

In rural areas of Nigeria, where healthcare infrastructure is often inadequate, the consequences of rising healthcare costs are even more pronounced. Seniors living in remote communities’ face barriers to accessing healthcare services, exacerbating their vulnerability and isolation.

A Wake-Up Call

In light of the alarming statistics highlighting the profound impact of rising healthcare costs on Nigerian seniors, urgent action is required to alleviate their financial burden and ensure access to quality healthcare. Amidst these challenges, the Leadway Health Senior Citizens Plan emerges as a symbol of hope to navigate the challenges of healthcare affordability in the country.

This innovative healthcare solution offers a lifeline to individuals aged 55 to 69, ensuring continuous coverage for their medical needs. Unlike traditional plans that may impose age restrictions or terminate coverage at a certain age, the Leadway Senior Citizen Plan offers uninterrupted protection for as long as the individual desires, providing invaluable peace of mind in an uncertain world.

Even for those aged 70 and above, who may typically encounter challenges securing comprehensive healthcare coverage due to medical underwriting, the Leadway Senior Citizen Plan presents a viable option. While medical underwriting may apply, this should encourage seniors to explore this avenue to safeguard their health and well-being.

What specifically makes the Leadway Health Senior Citizens Plan unique is its accessibility and flexibility. Any adult over 18 can purchase or gift this health plan to a loved one, ensuring that seniors receive the care they need, even if they cannot understand the complexities of insurance themselves. The Leadway Health Senior Citizen Plan is tailored to meet the specific healthcare needs of the local population, providing comprehensive coverage and support when needed most.

In the wake of escalating healthcare costs and their profound impact on the lives of Nigerian seniors, the Leadway Health Senior Citizen Plan offers security, continuity, and peace of mind.

As we reflect on the sobering statistics and the profound impact of rising healthcare costs, let us know that Leadway Health is an ally dedicated to ensuring that no senior is left behind. With its comprehensive coverage, inclusive policies, and commitment to quality care, the Leadway Health Senior Citizens Plan reaffirms that everyone deserves dignified and affordable healthcare regardless of age or circumstance.

Want to find out more about this plan? For more information about their services, please visit https://leadwayhealth.com/ or scan the QR Code provided. You can also contact the Leadway Health team on 070022559466, or via WhatsApp at +2349040760684 for professional advice and guidance.