The growing need for resources to help older adults manage their financial and healthcare choices
Abstract Background Both financial literacy (managing personal finances) and health literacy (managing personal health) become increasingly important for older adults, potentially impacting their quality of life. Resources in these constructs of literacy tend to be distinct, although the skills and...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
BMC
2017-04-01
|
| Series: | BMC Geriatrics |
| Subjects: | |
| Online Access: | http://link.springer.com/article/10.1186/s12877-017-0477-5 |
| _version_ | 1811305746859556864 |
|---|---|
| author | Stephanie MacLeod Shirley Musich Kevin Hawkins Douglas G. Armstrong |
| author_facet | Stephanie MacLeod Shirley Musich Kevin Hawkins Douglas G. Armstrong |
| author_sort | Stephanie MacLeod |
| collection | DOAJ |
| description | Abstract Background Both financial literacy (managing personal finances) and health literacy (managing personal health) become increasingly important for older adults, potentially impacting their quality of life. Resources in these constructs of literacy tend to be distinct, although the skills and decision-making involved overlap as financial issues impact healthcare choices. Thus the primary purpose of this commentary is to propose a new area of research focus that defines the intersection of financial and health literacy (i.e., financial health literacy). Methods We conducted a limited literature review related to financial, health, and health insurance literacy to demonstrate gaps in the literature and support our position. Online search engines were utilized to identify research in our primary areas of interest. Results We define the intersection of financial and health literacy as an area of need labeled financial health literacy, with a focus on four domains. These include: 1) the ability to manage healthcare expenses; 2) pay medical bills; 3) determine health needs and understand treatment options; and 4) make sound healthcare decisions with financial resources available. Despite some overlap with health insurance literacy, financial health literacy would define an area of need encompassing health management choices and health plan selections integrated with other financial management issues including living arrangements, financial planning, and retirement planning. Conclusions Potential initiatives should be considered to help at-risk older adults find resources to improve their financial health literacy, which in turn will enhance their abilities to manage medical choices in the environment of an increasingly complex healthcare system. |
| first_indexed | 2024-04-13T08:32:00Z |
| format | Article |
| id | doaj.art-1c8429c2fc1e4305adfa007497730d12 |
| institution | Directory Open Access Journal |
| issn | 1471-2318 |
| language | English |
| last_indexed | 2024-04-13T08:32:00Z |
| publishDate | 2017-04-01 |
| publisher | BMC |
| record_format | Article |
| series | BMC Geriatrics |
| spelling | doaj.art-1c8429c2fc1e4305adfa007497730d122022-12-22T02:54:13ZengBMCBMC Geriatrics1471-23182017-04-011711910.1186/s12877-017-0477-5The growing need for resources to help older adults manage their financial and healthcare choicesStephanie MacLeod0Shirley Musich1Kevin Hawkins2Douglas G. Armstrong3Advanced Analytics, OptumAdvanced Analytics, OptumAdvanced Analytics, OptumAARP Services, Inc.Abstract Background Both financial literacy (managing personal finances) and health literacy (managing personal health) become increasingly important for older adults, potentially impacting their quality of life. Resources in these constructs of literacy tend to be distinct, although the skills and decision-making involved overlap as financial issues impact healthcare choices. Thus the primary purpose of this commentary is to propose a new area of research focus that defines the intersection of financial and health literacy (i.e., financial health literacy). Methods We conducted a limited literature review related to financial, health, and health insurance literacy to demonstrate gaps in the literature and support our position. Online search engines were utilized to identify research in our primary areas of interest. Results We define the intersection of financial and health literacy as an area of need labeled financial health literacy, with a focus on four domains. These include: 1) the ability to manage healthcare expenses; 2) pay medical bills; 3) determine health needs and understand treatment options; and 4) make sound healthcare decisions with financial resources available. Despite some overlap with health insurance literacy, financial health literacy would define an area of need encompassing health management choices and health plan selections integrated with other financial management issues including living arrangements, financial planning, and retirement planning. Conclusions Potential initiatives should be considered to help at-risk older adults find resources to improve their financial health literacy, which in turn will enhance their abilities to manage medical choices in the environment of an increasingly complex healthcare system.http://link.springer.com/article/10.1186/s12877-017-0477-5Financial health literacyFinancial literacyHealth literacyFinancial healthOlder adultsMedicare |
| spellingShingle | Stephanie MacLeod Shirley Musich Kevin Hawkins Douglas G. Armstrong The growing need for resources to help older adults manage their financial and healthcare choices BMC Geriatrics Financial health literacy Financial literacy Health literacy Financial health Older adults Medicare |
| title | The growing need for resources to help older adults manage their financial and healthcare choices |
| title_full | The growing need for resources to help older adults manage their financial and healthcare choices |
| title_fullStr | The growing need for resources to help older adults manage their financial and healthcare choices |
| title_full_unstemmed | The growing need for resources to help older adults manage their financial and healthcare choices |
| title_short | The growing need for resources to help older adults manage their financial and healthcare choices |
| title_sort | growing need for resources to help older adults manage their financial and healthcare choices |
| topic | Financial health literacy Financial literacy Health literacy Financial health Older adults Medicare |
| url | http://link.springer.com/article/10.1186/s12877-017-0477-5 |
| work_keys_str_mv | AT stephaniemacleod thegrowingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT shirleymusich thegrowingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT kevinhawkins thegrowingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT douglasgarmstrong thegrowingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT stephaniemacleod growingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT shirleymusich growingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT kevinhawkins growingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices AT douglasgarmstrong growingneedforresourcestohelpolderadultsmanagetheirfinancialandhealthcarechoices |