Over 1/3 of Baby Boomers reported that they have under $25,000 dollars in savings.
In this day and age, the generation that is retiring/about to retire has very little money saved up in the bank. There are a multitude of reasons for this, but I only bring this up on a geriatric depression forum because the poor are famously underserved in the American healthcare system. Yes, there are systems in place to help the elderly like Medicare parts A-D. However, these programs don't cover a lot of important mental health visits. How can the elderly be asked to step up and ask for help, if it comes at the cost of their economic wellbeing?
a lot of people of lower social economic status are afraid to seek help due to their poor economic situation. Tbh, psychiatrists and psychologists are quite expensive, especially in the United States. So it’s really important that medical care can cover some part of the mental health so it can become more accessible for people in lower socio-economic status.