Most seniors in America can’t afford nursing homes or assisted living, study finds

[Kamaji]

Most seniors in America can’t afford nursing homes or assisted living, study finds

By Melissa Rudy, Fox News
April 27, 2023

As many as 80% of aging adults in America lack the financial resources to pay for two years of nursing home care or four years of an assisted living community.

That’s according to a new study from the National Council on Aging (NCOA) and the LeadingAge LTSS Center at the University of Massachusetts Boston.

Additionally, 60% of older adults — or 24 million households — would not have the funds to pay for in-home long-term care, despite the fact that they would prefer to “age in place,” per a report from NCOA.

Researchers analyzed 2018 data from the Health and Retirement Study, which was a joint effort by the National Institute on Aging and the Social Security Administration that surveyed some 20,000 U.S. adults about their net wealth.

When the researchers first began looking at the data several years ago, they were initially surprised to see that so many older adults were at significant risk of financial insecurity, Dr. Jane Tavares, a lead researcher at the LTSS Center at UMass Boston, told Fox News Digital.

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Source:  https://nypost.com/2023/04/27/most-senior-citizens-in-america-cant-afford-nursing-homes/

[catfish1957]

80% is pretty generous. 

LT Care depending on your location in the country runs from $50-$100K a year.  Not exactly pocket change.

[berdie]

80% is pretty generous. 

LT Care depending on your location in the country runs from $50-$100K a year.  Not exactly pocket change.

That's the truth. Even if a person tries to be "responsible" and buy LT care insurance it will become unaffordable for most when it's most needed.

[DefiantMassRINO]

Insuance Companies sold Long-Term Care policies in the late 1990s / early 2000s.  They were actuarial failures.  The cost of health care rises faster than the rate of inflation as measured by CPI and PPI.  The smart insurance companies bought out the policies.  The others got sued by class action lawsuits and states' attorney generals for non-payment of contracted benefits.

Nursing homes and assisted living is unaffordable for 95%+ without Government subsidies.

[Hoodat]

Maybe instead of the federal government confiscating 15% of their income at the point of a gun, they could have been allowed to put that money in an investment, maybe then they could afford nursing homes or assisted living.

[Kamaji]

Maybe instead of the federal government confiscating 15% of their income at the point of a gun, they could have been allowed to put that money in an investment, maybe then they could afford nursing homes or assisted living.

Yeah, no.