The Growing Cost of Aging in America, Part 3: Sources of Care
April 25, 2018
In 2014, there were 46.2 million people over 65 in the United States. By 2060, that number is expected to more than double to 98.2 million — approximately 25 percent of the projected U.S. population. An aging population translates to more people relying on federal programs such as Medicare and Social Security.
Older adults have different health needs than other age groups. For example, 80 percent of older adults have at least one chronic condition and 77 percent have two or more. Additionally, older adults are more prone to falls, which are costing the U.S. $30 billion each year to treat. So as the population of aging Americans increases, who will provide — and pay for — the care they need? People 65 and older seek both short- and long-term care. Formal long-term care options are expensive, and often the alternative is to depend on a family caregiver. In 2015, AARP estimated 34.2 million U.S. adults served as a caregiver to another adult over 50.
In the final installment of a three-part series, we examine the number of aging Americans who are accessing different sources of care, the financial cost of long-term care and the burden on family caregivers.
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