According to a new study by NORC at the University of Chicago, ten years from now, 11.5 million of the 16 million middle-income older adults might not be able to afford the long-term care they need. And, Medicaid is unlikely to help them. It’s wise to plan ahead in case Congress does not step in.
How will middle-income older Americans afford their housing and care needs? With annual income under $65,000, they will not have enough money to cover these basic necessities. More than half of them, 6.1 million, could not afford these key needs even if they were to sell their homes. More than one in five of them are people of color.
Long-term care affordability will be especially critical for the 9.5 million of them who live alone—never married, widowed or divorced. More than 4.4 million of them do not have children living within daily caregiving distance. Without a spouse or kids to provide voluntary caregiving, middle-income older adults are at serious risk.
People tend to experience multiple health issues by the age of 75. Slightly more than half of them are projected to have at least three chronic conditions. Slightly more than half of them are also projected to have difficulty moving.
Health conditions and mobility limitations tend to increase as people age, making the need for log-term care all the greater.
“We need a combined public and private response to address the long-term care needs of the Forgotten Middle,” says Caroline Pearson, senior Vice President of NORC, lead author of this study. “Policymakers should examine healthcare and housing policies that can extend funding for personal care and caregiving support to avoid middle-income seniors spending down to nursing homes.”
Here’s more from Just Care:
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