GERO 467 Lecture Notes - Lecture 1: Social Security Administration, Older Americans Act, National Health Insurance

60 views37 pages
30 Apr 2018
School
Course
Professor
1
GERO 467 Notes:
Class 1/18: Older Americans
-2010’s: percentage of 65 and older increased rapidly
-Baby Boomer Generation (born 1946-1965)
-70 million+ (largest cohort in US history)
Is there an aging crisis in the US?
- Increase in older adults in US has been steady for over 100 years
- Aging in the US has been balanced by other population trends (fertility and immigration)
o Millennial generation became the largest cohort (because of increased immigration)
- Increase in older adults does not result automatically in greater social burden
o The assumption is blamed or based on the Economic Dependency Ratio
Economic Dependency Ratio:
Total (Age) Dependency Ratio: (population 0-14 + population 64+) divided by working age
population 15-64 multiplied by 100
Aging Baby Boomers:
- Largest, most diverse cohort in US history (economic resources, race and ethnicity, and
marriage and family patterns)
- Diversity impacts programs and services
Economic Resources:
- Top earning boomers fairing well; overall income stagnant
- Distribution of wealth has become more unequal within the cohort
- Greater intra-cohort disparity (education is one key reason)
Education:
- Boomers have more years of education than older cohorts
- Inter-cohort disparity is decreasing (between cohorts)
- Intra-cohort disparity is increasing (within cohort)
Income and Retirement security:
- Positive correlation between education and income in the US
- Lower income leads to financial insecurity in retirement
- Income also predicts service use/non-use
3 Legged Stool:
- Economic security in retirement based on:
- Social security
- Pensions (defined benefits and contributions)
- Savings and Assets
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 37 pages and 3 million more documents.

Already have an account? Log in
2
Race and Ethnicity:
- Increasing percent of minority elders in US
- Hispanic elders are growing at the fastest rate
Hispanic Elders:
- Increasing percent of total 65+ population (2050: 18%)
- By 2050, most Hispanic elders will be US born
Marriage and Family Patterns:
-Compared to other generations the boomers:
- Marry later
- Have smaller families
- Have higher rate of divorce
- Increasingly complex family networks
- Increased likelihood of living alone
More woman live alone and is due in changes to family structure and increasing life
expectancy
Living Patterns:
- US nursing home population stable since 1980’s
- More long term care alternatives (assisted living, in-home services, etc.)
- Majority of 85+ age in place
Foundations for Aging Policy:
- Among industrialized nations, US late in adopting aging policy (1935)
- 1st old-age pension in Germany (1881); by WW1 in most of western Europe
Aging Policy Today:
- Since 1935, old age has been considered a substitute for need in US
- Older adults are seen as the “deserving needy” (risk is no fault of their own)
- Example: risk of outliving one’s income
Why Age?
- Age is a marker for:
- Inability to work
- Lack of adequate income
- Predictor of illness/disability
Consequences:
- Positive attitude of Americans towards older adults as beneficiaries
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 37 pages and 3 million more documents.

Already have an account? Log in
3
- Age based entitlements (Social Security, Medicare, etc.) generally popular
- Greater ambivalence towards other groups
Aging Policy
Civil War Pensions (1865)
- 1st national aging policy: Civil War pensions (for North)
- Sherwood Act of 1912 (precursor for 1920,1935)
- Gave a civil war pension to all civil war veterans
- By 1914 almost 500,000 soldiers were getting a pension
-Since Civil War all retired US military are eligible for pension
-Developed into public pension system for civil service employees (1920)
Civil Retirement Service Act (1920)
Public pension system covering:
- Federal government employees
- Members of US Congress
- Uniformed civil service (ex. USPS)
Social Security (1935)
- Age based program; 65+ are eligible to receive benefits
- 1935: Only available to retired workers, later expanded
- Need to work 10 years to be eligible to receive
- First social security check did not go out until 1940
- Federal program, run by Social Security Administration (SSA)
Changes to Social Security:
- 1939: survivors benefits, for dependents (widows and children) added
- 1950: disability benefits added
- 1972: Annual cost-of-living adjustments (COLAs) implemented
- 1983: Eligibility age (for future recipients) raised from 65 to 67
Medicare (1965)
- Health insurance program for age 65+
- Part A: Hospital Insurance
- Part B: Medical Insurance
- Federal program run by Centers for Medicare and Medicaid Services (CMS)
Medicaid (1965)
- Health insurance program for the poor of all ages
- Federal/state program (financed by federal government and states, administered by state)
find more resources at oneclass.com
find more resources at oneclass.com
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 37 pages and 3 million more documents.

Already have an account? Log in

Document Summary

2010"s: percentage of 65 and older increased rapidly. Increase in older adults in us has been steady for over 100 years. Aging in the us has been balanced by other population trends (fertility and immigration: millennial generation became the largest cohort (because of increased immigration) Increase in older adults does not result automatically in greater social burden: the assumption is blamed or based on the economic dependency ratio. Total (age) dependency ratio: (population 0-14 + population 64+) divided by working age population 15-64 multiplied by 100. Largest, most diverse cohort in us history (economic resources, race and ethnicity, and marriage and family patterns) Top earning boomers fairing well; overall income stagnant. Distribution of wealth has become more unequal within the cohort. Greater intra-cohort disparity (education is one key reason) Boomers have more years of education than older cohorts. Positive correlation between education and income in the us. Lower income leads to financial insecurity in retirement.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents