As the population of aging baby boomers increases, the financing and delivery of long-term care is becoming an increasingly significant concern for caregivers of older family members and for policymakers.
By 2050, the United States population of older adults (age 65 and older) is projected to nearly double from the current 48 million to 88 million. Almost 70% of older adults will require some level of long-term services and supports, with yearly costs ranging from $45,000 to $90,000.
Our new explainer, the first in a two-part series on long-term care financing, focuses on services available through Medicare and Medicaid. The second explainer in the series will focus on long-term care insurance.