ANN ARBOR, Mich. – A new poll from the University of Michigan found that inflation is still impacting people.
Researchers said more than half of older adults have cut back on everyday expenses in the last year -- and nearly a fifth said they have had trouble in the past year paying for health-related costs.
53% of those polled were stressed about their personal finances, 52% had cut back on everyday expenses and 47% reported being greatly impacted.
Those already struggling with their health were even more impacted.
“We found that about half of people aged 50 and older, said that inflation had affected them a great deal in the last year,” said University of Michigan Dr. Jeff Kullgreen, National Poll on Healthy Aging director. “We found that people aged 50 and older who reported their physical health or their mental health as being fair poor, were more likely than others to have cut back on their spending.”
When those cuts involve health care, the consequences can be serious. Kullgreen said it’s important to let your doctor know if you cannot afford care.
“When people go without routine preventive care, or they go without routine care for chronic conditions like diabetes, that can lead to more health problems in the future, that can also lead to more expenses for that individual, or for their health plan, including for Medicare,” Kullgreen said. “There’s a lot that your health care provider can do to help you with your cost concerns. For example, they may be able to work with you to come up with a lower-cost treatment plan, their office or their healthcare team may be able to come up with a payment assistance program for you. In some cases, there are coupons or discount cards for things like prescription drugs.”
He recommends finding out if you qualify for other assistance programs for food, housing or health care.
“For older Michiganders, there are programs in our state that can help them with their costs related to food, housing, and health insurance,” Kullgreen said. “You can learn about programs that may be available to you by going to michigan.gov. You can also visit your local senior center, your area agency on aging, or you can call 211 on your phone.”
Calling or texting 211 is always a good place to start.
The pool also found 35% of Michiganders, aged 50 and up, rarely or never have any money leftover at the end of the month, which is a problem also facing younger adults.