A new study shows that the price of most long-term care is rising faster than inflation, and by 2050 the nation’s bill for long-term care services is expected to be more than $379 billion. Home care is the most preferred form of care and the cost of home care performed by a non-skilled home health caregiver has remained flat in most regions around the country.
New research finds that the reason for increasing long-term care costs is a shortage of caregivers. By 2030, the number of people 65+ in America will double and the U.S. will have to recruit 200,000 new home health aide workers each year to meet the demand.
According to the 2000 census, there were 35 million Americans who were 65 years and over, which is a 12% increase from 1990, when the census counted 31.2 million senior Americans.
According to the Department of Health and Human Services, one in three Americans will voluntarily offer unpaid home care each year to one or more disabled or ill family members or loved ones.
According to a survey co-sponsored by The Pew Charitable Trusts and The National Council on the Aging, nearly 7 million Americans provide care for a friend or relative 55 years and older who lives an hour or more away.
According to the National Council on Aging, 15 million days of work are estimated to be missed each year due to long-distance caregiving.