Because we don’t live forever, it’s important to be prepared in the event that you or a loved one needs long-term care. In 2010, 12 million people needed long-term care. As the baby boomers near 65, the number of people needing long-term care only grows. By 2050, 27 million people are projected to need long-term care.
Only 35% of Americans say that they have set aside any money to meet long-term care needs. But, long-term care can cost a lot.
An expansion of community and institutional programs could be the first step in reducing the cost burden of long-term care, according to The Robert Wood Johnson Foundation. Lack of awareness of this pressing issue is a major factor in the lack of resources for long-term care. Greater awareness might help foster change to help those who are faced with long-term care costs in their later years.
Fact: Seven out of ten older adults will need long-term care at some point in their lives, typically for about three years. As the baby boomers near 65, the number of people needing long-term care only grows. In 2010, it was 12 million people. By 2050, it is projected to be 27 million people.
Fact: 11 million people needed paid long-term care services in 2013.
Fact: Four in ten older adults will need long-term care for two or more years.