Millennials Are Sick, Broke and Getting Broker
The kids are not alright
As a generation, millennials have never exactly been known for thriving. Unsurprisingly, it would seem things are only projected to get worse.
According to a report Wednesday from the Blue Cross Blue Shield Association, more millennials are suffering from chronic health problems including depression, hypertension and high cholesterol. As Bloomberg reported, this spike in poor health is posed to increase health-care costs in coming years, further straining an already economically stunted generation.
Rates of depression saw a 31 percent spike in a mere three years between 2014 and 2017, while hyperactivity surged 29 percent and hypertension saw a 16 percent increase. The report also found increases in high cholesterol and tobacco-use disorder.
The rising millennial health crisis stands to increase already high and rising health-care costs in the U.S., the report warned. Worst-case scenario, millennials could see an estimated 33 percent spike in health-care costs compared to older generations, along with an increase of more than 40 percent in death rates compared to Gen X.
According to Mark Zandi, chief economist for Moody’s Analytics, the decline in millennial health could be the result of economic hardship thanks to the 2008 financial crisis and the generation’s sky-high student debt burden. Now the health problems that resulted from this lifetime of economic strain are likely to pose an even greater financial burden on the generation in what Zandi called a self-reinforcing “vicious cycle.”
“To address this brewing crisis, it’s going to take action not only from the perspective of the economy but also from the perspective of health care,” said Zandi.
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