New analysis from MedicareGuide indicates an increase in nursing home residents over the course of the next 40 years.
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According to the federal government, there will be an estimated 95 million people 65 or over by 2065 with 15% of them expected to have a minimum of two disabilities. These numbers indicate a projected increase in Americans needing long-term care to rise to 14 million over the same time period.
In addition, the analysis revealed that American men and women turning 65 in the next four years will need an average of 2.3 and 3.2 years of long-term care respectively at an estimated cost of $142,000 in long-term care for men and $176,000 for women. According to the report, “People aged 65 and up are projected to spend between 3 to 6 years in states of mild or severe disability, much of it at the end of their lives. As a consequence of the expansion of this population, the number of people using long-term care will swell”.
The full report is available here.