@article {9329, title = {Health Trajectories of Older Americans and Medical Expenses: Evidence from the Health and Retirement Study Data Over the 18 Year Period}, journal = {Journal of Family and Economic Issues}, volume = {39}, year = {2018}, month = {03/2018}, pages = {19-33}, abstract = {This study investigates the long-term relationship between individuals{\textquoteright} health state changes over time and burdens due to out-of-pocket medical expenses (OOP) in later years. We kept track of 5540 individuals{\textquoteright} health trajectories and their accumulated OOP using the HRS data from 1992 to 2010. American adults between 50 and 70 years old spend on average $27,000 on OOP, and have five common health trajectory patterns (Multi-Morbidity, Co-Morbidity, Mild Disease, Late Event, and No Disease). However, their OOPs differed substantially depending on the pattern of health trajectory. The most costly pattern of Multi-Morbidity needed $18,823 more than the least costly No Disease pattern. Older adults with the most costly pattern spent most of OOP on either prescription drugs or doctor/dental visits. Additionally, we found that the OOP burden of prescription medications was substantially relieved by the Medicare Part D implementation. These findings have several important implications for individuals, financial educators, and policy makers.}, keywords = {Chronic conditions, Health Trajectories, Medicare expenditures, Medicare linkage}, issn = {1058-0476}, doi = {10.1007/s10834-017-9542-7}, url = {http://link.springer.com/10.1007/s10834-017-9542-7http://link.springer.com/content/pdf/10.1007/s10834-017-9542-7.pdfhttp://link.springer.com/content/pdf/10.1007/s10834-017-9542-7.pdfhttp://link.springer.com/article/10.1007/s10834-017-9542-7/fulltext.html}, author = {Shin, Serah and Hyungsoo Kim} } @article {8221, title = {Sequential Patterns of Health Conditions and Financial Outcomes in Late Life: Evidence From the Health and Retirement Study}, journal = {The International Journal of Aging and Human Development}, volume = {81}, year = {2015}, pages = {54-82}, publisher = {81}, abstract = {The cost and prevalence of chronic health conditions increase in late life and can negatively impact accumulated wealth. Based on the financial challenges midaged and older adults face, we sought to understand the evolution of distinctive sequences of chronic health conditions and how these sequences affect retirement savings. We used 10 waves of the Health and Retirement Study and tracked the health states and changes in wealth of 5,540 individuals. We identified five typical sequences of chronic health conditions, which are defined as follows: Multimorbidity, Comorbidity, Mild Disease, Late Event, and No Disease. Wealth accumulation differed across the five sequences. Multimorbidity and Comorbidity were the most costly sequences. Individuals with these health patterns, respectively, had 91,205 and 95,140, less net worth than respondents identified with No Disease. Our findings suggest policy makers consider sequential disease patterns when planning for the health-care needs and expenditures of older Americans.}, keywords = {Demographics, Net Worth and Assets, Public Policy}, doi = {10.1177/0091415015614948}, url = {http://ahd.sagepub.com/content/81/1-2/54.abstract}, author = {Hyungsoo Kim and Shin, Serah and Karen A. Zurlo} }