Report: Number of Americans who need long-term care will double by 2065 | Wednesday Morning Coffee
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Good Wednesday Morning, Fellow Seekers.
If we’re not there already, all of us are going to get older, and the data shows that we’re going to need help taking care of the fundamental tasks that we once took for granted.
And as new research points out, the number of Americans who will need such long-term care is only going to get bigger. In fact, it will double by 2065, going from 7 million people to 14 million people, according to a report by MedicareGuide.com, an industry trade publication, that dives into data compiled by the Urban Institute.
By 2050, more than 10 million Americans will “require substantial assistance with at least two activities of daily life, or supervision due to severe cognitive impairment,” the research concludes.
And it’s expensive.
American men turning 65 between 2020 and 2024 can expect to spend an average of $143,000 on long-term care and need it for 2.3 years, while American women will spend an average of $176,000 and spend 3.2 years utilizing such care, the research found.
So who’s going to pay for it? Chances are that you will.
That’s because Medicare doesn’t cover long-term care and Medicaid only does after people become impoverished. And that means that many older Americans and their families will have to pick up the check by themselves, the research indicated.
“People think Medicaid is delivering a lot of long-term care, but in fact the disableds’ families are,” the report’s author, Melissa Favreault, told the trade pub. “And we expect that to increase in the future.”
Right now, Medicaid only covers about half the cost of Americans’ long-term care, the trade pub notes, or about 0.4 percent of GDP. And while that figure is expected to stay the same, costs are expected to rise “dramatically,” and few Americans can afford expensive long-term care insurance, the trade pub reported.
“It’s critical to save for long-term care,” Favreault said. “Some find the best way to do this is to buy private long-term care insurance, but there are a lot of challenges in this market.
“That said, for a lot of people saving is critical,” Favreault continued. “You have a pretty good chance of facing expenditures in the hundreds of thousands of dollars, and for many middle and lower income families that level of savings is very difficult.”
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Here’s your #Philadelphia Instagram of the Day:
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What Goes On
A sure sign of the impending holiday weekend: The docket is clear. Enjoy the silence.
What Goes On (Nakedly Political Edition)
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You Say It’s Your Birthday Dept.
Super, mega, wicked good wishes go out this morning to Capital-Star opinion contributor Anwar Curtis, of Harrisburg, who completes another trip around the sun. Congratulations, old friend. Enjoy the day.
Here’s ‘See the World,’ from singer/songwriter Brett Dennen, which evokes the late Tom Petty so effectively and so vividly that you may find yourself missing him all over again.
Wednesday’s Gratuitous Soccer Link
Football’s coming home, indeed. England surged past Germany with a pair of second half goals, securing both a historic 2-0 win, and a berth in the Euro 2020 quarterfinals on Tuesday afternoon.
And now you’re up to date.
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John L. Micek