Impact of Health on Financial Security of Older Americans

Kim, H. & Lyons, A. C. (2008). No Pain, No Strain: Impact of Health on the Financial Security of Older Americans. The Journal of Consumer Affairs; Spring 2008, 42(1), 9-36.

Brief Description: This study investigated the impact that new and existing health problems have on the financial strain of older Americans. Health problems significantly increased the likelihood of financial strain for older individuals, but the effects varied by the measure of financial strain used and how health status is …

Are all pre-existing conditions allowed?

Yes, all pre-existing conditions are allowed and can no longer be used to bar an individual from obtaining health insurance coverage. This provision of health care reform and guarantee of coverage went into effect for children in 2010 and will apply to adults in 2014.  Premiums will not be allowed to use pre-existing conditions as a factor for establishing rates.

The cost of coverage can be adjusted using only these four factors:

1) whether the policy covers an individual or …

What does the term “managed care” mean with regard to health insurance?

The easiest way to define managed care is to compare it with traditional health care. Under traditional health care, doctors and hospitals are independent of each other. Doctors and hospitals set their own fees for services. You can go to any doctor you choose, and you are responsible for determining if your doctor is qualified to provide the care you need.

Under managed care, doctors and hospitals, as well as other health care providers, agree to work together through health …

Communicate Your Advance Directives for Health Care

grandparents and grandchild, a smiling couple

If you had a serious accident or illness that caused permanent loss of mental capacity, leaving you unable to tell your doctor which medical treatments you did or did not want, would your loved ones know what to do? Who would make these decisions for you? If you couldn’t make your wishes known, how could you make sure they were respected?

If you’re like most people, you probably haven’t taken time to complete or discuss documents known as advance directives …

Organize Your Important Household Papers: Introduction

Man with stacks of paper

One of life’s most important lessons is distinguishing what is trivial from what is not. While we’re tempted to lump our personal documents among life’s petty details, their significance can be major. How quickly could we access our birth certificates, immunization records, wills, vehicular titles, or even three-month-old credit card statements? Did we file them away and, if so, where? How long would it take to find—or replace—them?

A systematic plan for keeping track of important papers can save hours …

Financial Security: Legal Topics

scale of justice


Legal issues that impact financial security include topics such as: property ownership, estate planning, advance directives for health care, and guardianship for minor children.


Advance Directives

Many Americans die without a will or advanced health directives. Several factors are often cited for this lack of preparation. Many people believe that property will pass on to their heirs under state law in a manner they would like. Some just never get around to making specific legal arrangements to protect their survivors. …

Financial Security: Health Finance

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Health care includes medical and dental services, prescription drugs, and insurance costs. These costs have historically increased faster than the rate of inflation. By becoming an infomed consumer and making well thought out decisions regarding your health care, you can not only save money but receive quality care.



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