We've heard of the graying of America … the growth of the number of people over 65. This senior explosion will result in the number of citizens over age 65 doubling within 50 years, while the number over age 85 triples, dramatically increasing the need for chronic, ongoing health care.
With 77 million baby boomers turning 85 in 2030, roughly 15 million people will be unable to care for themselves and must have qualified caregivers. And based on today's inflation rate, by the year 2030, a three-year stay in a nursing home is projected to cost more than $500,000.
The economic realities of long-term care are so overwhelming to most baby boomers that the solution seems to be denial. "The government will have to find a way to take care of me" is the type of comment we hear.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
