Elder Care Costs Skyrocket, Threatening Financial Stability

The United States lacks a coherent system for providing long-term care, leaving many aging individuals and their families to struggle with the soaring costs of in-home care, assisted-living facilities, and nursing homes. As the price tag for long-term care continues to rise, millions of families face potential financial ruin. The population of Americans aged 65 and older is projected to increase by over 50% by 2050, exacerbating the challenges. The US devotes less of its GDP to long-term care compared to other wealthy countries, and there is a lack of political will to invest in a comprehensive financing and insurance system for long-term care. Efforts to create a national long-term care system have repeatedly failed, leaving families to rely on Medicaid, which has its own limitations and gaps in coverage.