A new study shows that the price of most long-term care services is rising faster than inflation, and by 2050 the nation’s bill for long-term care services is predicted to exceed $379 billion. In-home care is the most preferred option of care and the costs of home care performed by an in-home caregiver have remained flat in most areas of the country.
Further research finds that the reason long-term care costs are increasing is because of the shortage of available caregivers. By 2030, the number of Americans over 65 will double and in order to meet future demand, the U.S. will have to recruit 200,000 new caregivers each year.
The 2000 Census accounted for 35 million people in American who were over 65 years of age. This is a 12% increase from the 1990 Census, which counted 31.2 million elderly Americans.
According to the Department of Health and Human Services, one in three Americans provides voluntary unpaid informal care to disabled or ill loved ones each year.
According to a survey co-sponsored by the Pew Charitable Trusts and National Council on Aging, nearly 7 million Americans manage or provide care for a friend or relative over 55 who lives at least an hour away.
According to the National Council on Aging, an estimated 15 million days of work are missed per year because of long-distance caregiving.