The Growing Financial Burden of Long-Term Care for Older Americans

More than half of Americans turning 65 will require some form of long-term care, but the rising costs of personal care make it unaffordable for many. Medicare only covers short-term services, and Medicaid is limited to qualifying individuals, leaving those ineligible to rely on out-of-pocket payments or support from family members. Long-term care insurance, which is a niche market, is not widely adopted due to its complexity and cost. The increasing expenses of long-term care services, driven by inflation and staffing shortages, have led to insurers exiting the market. Low-income older adults face higher premium costs and are more likely to need long-term support, but they may not qualify for government services. The financial burden of long-term care falls heavily on individuals and their families, with out-of-pocket costs projected to be significant. Advocates call for a reevaluation of government involvement and the implementation of multi-sectoral strategies to address the issue. Some states, like Washington, have introduced their own long-term care services, offering potential solutions for residents.