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An Examination of the Impact of Health on Wealth Depletion in Elderly Individuals

¹ Department of Consumer Science, Ohio State University, Columbus.
² Department of Family Studies, University of Kentucky, Lexington.

Address correspondence to Dr. Jinkook Lee, Department of Consumer Science, Ohio State University, 1787 Neil Avenue, Columbus, OH 43210. E-mail: lee.42{at}osu.edu

Objectives. This study investigates the effects of new health events and existing health conditions on wealth depletion in elderly individuals.

Methods. A model deriving from life-cycle theory is proposed and estimated using Waves 1 and 2 of the Asset and Health Dynamics of the Oldest Old (AHEAD) data set.

Results. Both new health events and existing health conditions significantly influence wealth depletion of elders, but their impacts differ across marital status. Whereas an occurrence of new health events brought wealth depletion of elders in married households, having existing chronic health conditions was associated with wealth depletion of elders in single households.

Discussion. Poor health, both a new health event and existing chronic conditions, leads to considerable wealth depletion in elderly individuals. Considering the significant impacts of health on wealth, the public needs to be better informed of potential health events in later life and the associated financial burden. Additional health insurance plays an important role in preventing elders from financial hardship.