July 2, 2018
Minding Millennials: The future of LTC

In America, roughly 1 in 4 caregivers are aged 18 to 34

Here’s how millennials really feel about care overage

Today’s long-term care news tends to center upon baby boomers and their impact on the industry. As folks born between 1946 and 1964 continue to age, they make up an overwhelming percentage of patients entering our facilities. Still, when it comes to generational chatter, millennials also enjoy the spotlight (albeit for very different reasons).

In light of some new stats, we’re taking a closer look at millennials and their approach to long-term care. Not only are millennials projected to overtake the baby boomers in population by 2019, but they also make up 25% of Americans providing care for their parents, grandparents, extended family—even neighbors. Take a look at the breakdown.

 

 

As LTC needs grow, possibilities ‘boom’

The above survey administered by the AP-NORC Center for Public Affairs Research demonstrates millennials’ willingness to consider more LTC coverage options down the road. As many young adults see the economic hardship experienced by their grandparents, parents (and themselves), they seem more enthusiastic about government programs dedicated to long-term care.

The poll also reveals the psychological and emotional toll these duties have on young caregivers. Just starting out in their careers, establishing their own families and pursuing their own interests, many millennials feel robbed of time, sleep and independence as they devote their lives to the wellness of others.

Seniors’ healthcare needs are expected to expand even more in the coming years. With millennial caregivers on the front lines, facilities and other providers can expect to see strong pushes for legislation catering to long-term care insurance and similar financial solutions. In the meantime, it’s important we continue doing our part to improve accessibility and minimize costs for patients however possible.