ANDREA YIP

The majority of aging adults will require long-term care at some point in their lives. The care economy in the US is a $6 Trillion industry comprised of paid and unpaid services for those who cannot independently support themselves. While 88% of Americans want to age at home or with loved ones, this is not a feasible long term option for most. A person 65 years old has a 70% likelihood of needing long term care services and supports in their remaining years.

​

And yet, growing old in America is complicated and increasingly unaffordable. A myriad of factors are contributing to an impending care crisis:

​

Each day, 10,000 Americans turn 65-years-old

The population age 65 and older increased from 40.5 million in 2010 to 55.7 million in 2020. It is projected to reach 80.8 million older persons by 2040. Most Americans age 40 or older have done little to no planning around their aging care needs.

​

The fertility rate is declining

Today, the fertility rate for an American woman is 1.7 children, which is below 2.1 children, the number needed to replace the aging population. By 2034, older adults will outnumber children under 18 years old. This means there is a declining population of younger people to care for their older counterparts.

​

Paid care workers are leaving the workforce

An increasing number of paid care workers are leaving the workforce. As a result, people are increasingly leaving their paid jobs in other industries to care of aging family members.

​

Older adults are financially struggling

According to a report from the National Council on Aging and UMass Boston, "Long-term care represents the single largest financial risk faced by older adults and their families”. Eighty-percent of households with older adults are financially struggling today or are at risk of economic insecurity.

​

Growing old is an expensive privilege

The cost of long-term care ranges and is out of scope for many people. On average, it costs over $61,000 per year for a home health aide, $54,000 per year for care in an assisted living facility, and over $108,000 for a private room in a nursing facility. Millions of Americans are providing unpaid care to family members, meaning lost wages and time toward competing priorities.

​

​

CARE OPTIONS

It can feel overwhelming to navigate the spectrum of care options, particularly as housing and healthcare needs start to merge together in old age. Below is the scope of options available today.