New approaches needed for cash strapped boomers

Recent calls for reform to health and aged care policy have been bolstered by a new report, Healthcare Conundrum – Baby Boomers, Superannuation and Health Funding: The New Reality, which shows that the majority of baby boomers are not financially prepared for retirement.

A Fujitsu survey of 6,000 people between the ages of 45 and 65 found that 45% of Australia’s five million baby boomers are worried about their ability to pay for future health care needs.

According to the survey, almost 70% of boomers believe they will rely on superannuation as their main source of income in old age.

But at the same time, two thirds of respondents felt that they did not have enough super.

The report recommends that policy focus more on preventative health, in home long term care and assistive technology.

“There needs to be a real shift in focus from the acute sector to long term preventative health care that keeps people out of the system for longer,” said Fujitsu’s Health Industry director, Jeff Smoot.

“Funding needs to be redirected. We need a more coordinated approach to health care delivery.”