A new survey has fund that senior citizens are making drastic cuts to their medical and food budgets due to the recession.
“Millions of seniors have been struggling to make ends meet for many years,” said Daniel O’Connell, chairman of The Senior Citizens League. “But this survey makes clear that the recession has made things go from bad to worse for older Americans.”
The survey, conducted by The Senior Citizens League over a three-month period earlier this year, had more than 1,040 respondents aged 65 and over.
Findings include:
- 42 percent of seniors had either postponed filling their prescription medications or were taking a smaller dosage than prescribed by their physicians
- 62 percent had cut back on doctor visits or outpatient services
- 77 percent had reduced their spending on food items
In addition, 32 percent of respondents reported that their drug plan increased its co-pay or co-insurance in 2009, 18 percent said they would have to postpone their retirement, and 6 percent reported having to take Social Security earlier than expected due to job cuts.
The 37 million Americans aged 65 and over who receive a Social Security check each month are unlikely to find any short-term relief, since the Congressional Budget Office is forecasting no Social Security Cost of Living Adjustment (COLA) in 2010 or 2011.
Since 2000, seniors have lost 20 percent of their buying power, according to a TSCL study released in May. That trend will likely continue as senior costs continue to exceed the COLA.
TSCL supports legislation that would bring down the cost of prescription drugs. “The Pharmaceutical Market Access and Drug Safety Act,” introduced by Sens. Byron Dorgan (D-N.D.), John McCain (R-Ariz.) and Olympia Snowe (R-Maine), could help cut the cost of some prescription drugs by as much as 70 percent.