A study by the Wellesley College shows that an economy in recession can kill Americans – literally. The economists involved in the study say that if the economy is down, the life expectancy of its older workers will be cut by up to three years.
To get to this conclusion, researchers examined four decades of mortality data on the relationship between the survival probabilities and the labor market conditions.
Results of the Social Experiments
Based on the results of their social experiments, it was deduced that:
• If a senior citizen aged 50 to 60 experiences recession, then their life expectancy would go down by as much as three years. This is because of their limitations when it comes to access to healthcare as well as the stress that would result from them losing their jobs.
It took how many years for these workers to learn to perfect their jobs and if they suddenly become unemployed, they would not know what to do. According to studies, the first to get laid off when recession hit would be the workers in their late 50s and up. This is because the cost of keeping them would be higher than the younger ones. The earlier are likely to be absent earlier due to weakness and are ten times likely to file for workers’ compensation.
• Employment and income deficits that come with the recession can last longer in these workers than on anyone else. If unemployed, they would have one less access to insurance and health coverage as they file for jobless claims. They will also be shunned of access to bad credit loans because they will not be able to satisfy one of the main requirements – proof of stable employment.
However, if you have already reached 62 years old by the time the recession hit, you will be minimally affected since you are guaranteed by Social Security. 62 is the minimum age requirement for Social Security eligibility.
But, in case of a personal emergency you will not be able to seek help from financial institutions both online and offline.
• If you are 65 years old and above, though, you won’t worry about health insurance because you will be automatically covered by Medicare. However, bear in mind that Medicare does not cover 100% of your health needs so it would still be best if you have another insurance company to cover any excess.
Bad economy can do a lot of things to its nation but the worst, so far, is cutting the life expectancy of the senior citizens by three years. It’s time that you prepare for what is going to happen.