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Many Americans Will Need Long-Term Care. Most Won’t be Able to Afford It.
A decade hence, 80 percent of middle-income seniors will have less than $60,000 a year in income and assets, not including equity in their homes. Yet the estimated cost of assisted living plus out-of-pocket medical expenses will hit $62,000, by the team’s conservative estimate.
“This group gets ignored and underserved in today’s long-term care market, and it’s a problem that’s going to explode over the next 20 years,” said Caroline Pearson, a health researcher at Norc (formerly the National Opinion Research Center) at the University of Chicago and lead author of the study. “When you see the numbers, it’s sobering.”
A decade hence, 80 percent of middle-income seniors will have less than $60,000 a year in income and assets, not including equity in their homes. Yet the estimated cost of assisted living plus out-of-pocket medical expenses will hit $62,000, by the team’s conservative estimate.
“This group gets ignored and underserved in today’s long-term care market, and it’s a problem that’s going to explode over the next 20 years,” said Caroline Pearson, a health researcher at Norc (formerly the National Opinion Research Center) at the University of Chicago and lead author of the study. “When you see the numbers, it’s sobering.”
