Researchers highlighted that nearly 70% of adults aged 65+ will require long-term care services, but the ability to afford this care is greatly restricted by high costs and insufficient public assistance.
The analysis revealed that only 24% of older adults have the income to cover housing, living expenses, and the daily costs of long-term care, underscoring significant financial disparities.
Disparities in housing affordability were pronounced among older adults of color and those facing functional difficulties, revealing the compounding effects of systemic issues on vulnerable populations.
The findings point to a considerable shortfall in income among older adults when facing the median annual cost of long-term care combined with essential living expenses.
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