"For more than 30 years, commissions under Presidents George H.W. Bush, Bill Clinton, George W. Bush, and Barack Obama all reached the same conclusion: our entitlement programs were never built to handle a rapidly aging population. There were moments when real reform seemed possible-when ideas were on the table and momentum was building. But again and again, the opportunities slipped by with inaction."
"Now we're living with the consequences. By 2036, the population aged 85+ will more than double. We'll need nearly one million new assisted living units to meet demand, but we're on pace to build only 40% of that. Most Americans still don't understand how long-term care works, what it costs, or how to prepare for it. And the reality is stark: home care now averages $77,792 per year, assisted living $70,800, and a private nursing home room more than $127,000-and those numbers are rising."
The long-term care system is already failing the people it was meant to support. Commissions across multiple presidencies concluded entitlement programs were not designed for a rapidly aging population. By 2036, the population aged 85+ will more than double, and nearly one million new assisted living units will be needed while only 40% are projected to be built. Home care averages $77,792 per year, assisted living $70,800, and private nursing home rooms exceed $127,000. Nearly 70% of Americans turning 65 will need some care, but over 95% of baby boomers lack private long-term care insurance. Most will rely on unpaid family caregivers or Medicaid after spending down assets.
Read at Fortune
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