Money and Medicine: Securing Health While Aging Black

What if the key to living a longer, healthier life was not just in your doctor’s hands—but also in your bank account? For many older Black adults, the so-called golden years do not bring the peace and rest they deserve. Instead, they carry an invisible backpack of burdens: higher healthcare costs, unexpected expenses, and lingering health issues that continue well after retirement. A July 2023 report from the US Government Accountability Office found that Black workers are less likely than any other racial group to have retirement savings. Moreover, for those who do, their account balances are much less compared to white adults of the same age and income level.

The National Institute of Health (NIH) also reports that Black adults over 60 face higher rates of hypertension, diabetes, and mobility issues compared to white adults. Financial instability worsens these gaps because it limits access to quality healthcare, nutritious food, and safe housing, which are crucial for long-term health.

The relationship between financial planning and public health for aging populations is undeniable because when finances falter, health often follows.

How Financial Instability Harms Health

A life where every unexpected bill, such as an uncovered medication, feels like a threat to survival is all too common for many Black seniors. These are not rare disruptions; they are routine realities. For those navigating retirement with limited resources, financial strain becomes a constant companion. For instance, high out-of-pocket costs force many to skip preventive care, allowing manageable conditions like diabetes or heart disease to escalate into crises.

Furthermore, chronic stress from financial insecurity raises the risks of heart disease, depression, and cognitive decline. This is especially true for older adults. In the Black community, the effects are stronger due to years of economic disadvantage and systemic barriers.

The Root Causes: Why Financial Health Equals Physical Health

The connection between financial health and overall well-being cannot be understood without recognizing the long shadow of exclusion. For generations, Black individuals were systematically denied the tools of wealth accumulation. This reality has been underscored by the fact that generational wealth, until recently, has been primarily accessible to the white community. This denial took the form of limited access to housing equity, fair wages, quality education, and employer-sponsored retirement plans.

The Racial Wealth Gap

Discriminatory employment practices, racial bias in housing and lending have created a gap between Black and white people when it comes to financial preparation for aging. The wealth gap leads to a health gap over time. With less money, people have fewer choices for early care, preventive measures, or long-term help.

Inequitable Access to Care

Many older Black adults face barriers to healthcare, including high medical costs and a deep-rooted lack of trust in the healthcare system. These challenges often lead to delays in seeking medical attention, which can result in more serious health issues down the road. While government programs exist to help, they often do not reach those who need them most.

High Cost of Managing Chronic Conditions

Financial planning is often seen as a matter of dollars and cents, but it is also a matter of survival. Many older Black adults face a tough financial burden when managing chronic conditions such as high blood pressure, arthritis, and diabetes. These conditions need costly medication, regular care, lifestyle changes, and expensive out-of-pocket costs that insurance do not cover.

Without savings to fall back on, these costs can wipe out an individual’s income. The stress of financial struggles may hinder people from getting the care they need, making their health problems worse.

Planning as a Pathway to Prevention

Financial planning goes beyond emergency savings; it is a smart way to protect our health. When older adults have access to financial education and support, they are more likely to:

Stay on top of preventive care, from regular checkups to cancer screenings
Afford and adhere to medication regimens
Choose healthier housing and food options
Seek out mental health support

In fact, research shows that older adults who are financially literate and confident in their planning tend to rate their health much higher. For the Black community, culturally tailored financial services and education are essential. Faith-based institutions, community centers, and even barbershops can serve as hubs for both health and wealth information.

Connecting Finances and Health

As we look to improve the well-being of older Black adults, it is clear that financial security and health are deeply interconnected. Here are some practical solutions on how to connect smart money habits with better health:

Financial Education That Understands Our Culture: Financial literacy programs designed for the Black community can help older adults make smart choices. This includes guidance on budgeting, saving, retirement planning, and managing healthcare costs in ways that feel relevant and easy to understand
Advocating for Fair Access to Healthcare: Policy changes are needed to ensure that older Black adults have equitable access to healthcare. This includes pushing for affordable healthcare coverage, reducing out-of-pocket costs, and closing gaps in healthcare services so that no one is left behind because of financial barriers
Support from Family and Community: Building strong family and community support systems can provide a safety net for older adults. Talking openly about health, money, and long-term care in families can build support and ease the challenges of aging. Community-based resources and services can also provide extra layers of support
Investing in Preventative Health: Focusing on preventative care, during earlier stages in life, can save money in the long run. Regular check-ups, healthy eating, exercise, and early screenings all play a role in this. Encouraging investments in lifestyle habits that prevent health problems before they start is a crucial part of improving health outcomes for older Black adults

So here is the real question: What if securing health in older Black adults did not start in the clinic, but at the kitchen table, with honest conversations about money, care, nutrition, and legacy?

The truth is this: financial security is a social determinant of health. When older Black adults do not have to pick between prescriptions and electricity bills, their bodies benefit. They show lower stress hormones, steadier glucose levels, and stronger hearts. The data does not lie: economic stability buys more than comfort; it buys time.

As the elders teach us: “A river that forgets its source will run dry.” Honoring Black seniors means working to strengthen their savings and health. So, ask yourself today: Who is guarding your elders’ health, is it Wall Street or your street? The answer will shape not just their golden years, but also the legacy of a community that refuses to let inequality outlive its people.