|
|
Majority of Seniors Living in Poverty
By Ruth O-Kelly-Lynch, The Royal Gazette
Bermuda
November 29, 2005
Bermuda's elderly are property rich but cash poor and with life expectancy rising the problem could worsen.
The Department of Statistics released a report on "The Changing Face of Bermuda's Seniors" this month.
The median age of Bermuda's elderly population is 71. The number of Bermudians over the age of 65 has more than tripled since 1950. After extensive research the Department found that almost seven out of every ten seniors own their own property.
Of those, 80 percent no longer have mortgage or loan payments. This means that the majority of seniors no longer have to spend money on housing, which is one of the largest expenses for younger people.
However, despite owning their own homes the majority of seniors live on less than $36,000 a year, which means they are classified as "poor".
The Department found that one third of senior citizens' rely on their Government pension as their main income. The average Government pension was $11,000 in 2000.
The cost of living for senior citizens is high despite their fixed incomes. In 2004 the average household headed by a senior spent $6,000 on health care and $5,000 on food.
Health care costs are particularly high with 95 percent of Bermuda's senior citizens having health insurance coverage and nearly 70 percent having major medical insurance. The rising number of elderly people in Bermuda will also cost the public more money.
The Department said that despite the fact that an overwhelming majority of seniors are insured the working population will "have to supplement the increased medical expenses incurred as a result of people living longer".
Moreover, the 1996 Government Health Care Review Final Report stated: "Health care costs and the demand for health services will continue to rise at a higher rate than the economy. Medical expenses will continue to absorb an increasing share of household expenditure."
The Department of Statistics also reported that the need for "purpose-built facilities with trained staff to care for the aged" will rise as the number of elderly increases on the Island.
Currently the Island has 22 rest homes, some of them being private facilities while others are run by the Government.
In 2005 the cost of staying in one of these facilities for a year ranged from $30,000 to $91,056.
|
|
