Getting Old Is a Crisis More and More Americans Can't Afford
Growing old is an increasingly expensive privilege often requiring supports and services that, whether provided at home or in a facility, can overwhelm all but the wealthiest seniors. With Americans living longer and aging baby boomers flooding the system, the financial strain is becoming unsustainable.
Consider the demographics. In 2018, there were 52.4 million Americans age 65 or older and 6.5 million 85 or older. By 2040, those numbers will hit 80.8 million and 14.4 million, respectively. From now until 2030, an average of 10,000 baby boomers will turn 65 every day. Already, demand for care dwarfs supply. The Medicaid waiting list for home-based assistance has an average wait time of more than three years.
Next, factor in the financial reality of seniors. Nearly half of U.S. households headed by someone 55 or older have no retirement savings, according to 2016 data. Many Americans over 65 face trying to get by on Social Security income alone, which provides an average retirement benefit of $18,516 a year.
Compare this with the price of long-term care. Nationwide, the median cost of a semiprivate room in a nursing home is more than $93,000 a year, according to the 2020 Genworth Cost of Care Survey. The median yearly cost of employing a home health aide full time is around $50,000. And tens of millions of Americans are providing unpaid care to family members, costing the caregiver thousands in expenses per year on top of lost work time and wages.
https://www.nytimes.com/2021/08/09/opinion/aging-nursing-home-medicare.html
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