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. Most people rely on family, friends and other unpaid care for their care. Paid long-term care supports and services can cost a lot. So, a recent Commonwealth Fund study finds that two out of five older adults and people with disabilities needing long term care do not receive it.
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.