Most of us are aware of the sad fact that Europe’s population – and particularly that of Eastern Europe – is aging. The continent needs more young people to run its social and health services, as well as to look after the elderly because its societies will no longer be self-sustaining, putting burden on the working-age population that has to provide for the ever-larger older population.

Other than migration (of mainly the young), declining fertility/birth rates and an increased life expectancy are the factors to blame for this, even though the causes vary among countries.

Romania, for example, has one of the lowest birth rates in the world, according to the US intelligence service that used data collected during the census of the past months, contributing to the significant aging of its population. The country has 8.76 births per thousand inhabitants, placing it 207^th out of 228 worldwide. At the same time, Romania’s population growth rate is -1.09%, ranking it 231^st among the 237 countries surveyed.

Whatever the main causes are, this imminent demographic crisis will dramatically change – among others – the labour market, the healthcare and the social security of the oldest continent.  

With the profound impact on health and social care systems, public finances and pension entitlements, governments will likely find themselves in a very tight spot as less people will help finance the public healthcare and other social systems through taxes and social security. This is especially true in the regions where the public healthcare already operates underfunded such as Central Eastern Europe.

While comprehensive and universal, the public health systems in these regions suffer from long waiting lines and overworked and underpaid medical staff. Moreover, Romania’s tax-funded universal healthcare system that finances both primary and specialist care consistently ranks as the European Union’s worst, according to the Euro Health Consumer Index.

Looking at the discouraging figures forecasting a demographic crisis, it is not difficult to imagine that as the proportion of older people in society grows, it will become an increasing burden for the shrinking working-age population to pay potentially ever-higher taxes to support the public health system both for the younger and the older generations.

Taking out private health insurance is an ethical and responsible solution to ensure that our health is in the best hands, and that if something does happen to us, we can return to work as soon as possible, protecting our and our family’s financial security and well-being.