A recent study has found costs for most long-term care services are increasing faster than the inflation rate, and nationwide, the cost of long-term care is projected to be more than $379 billion by 2050. In most areas of the country, the cost of home care, which is the most preferred type of care, provided by a non-skilled home caregiver has remained level.
Further research cites a looming shortage of caregivers as the reason for a projected increase in the costs of long-term care. The number of Americans who are 65 or older will double by 2030, and 200,000 new care workers will need to be recruited every year to meet the future demand for care among the nation’s aging populace.
The 2000 U.S. Census counted 35 million Americans who were 65 or older. That marked a 12 percent increase over the 1990 census, which tallied 31.2 million senior Americans.
According to the Department of Health and Human Services, each year, one out of every three Americans provides voluntary informal care for one or more friends or family members who are sick or living with disabilities.
A survey cosponsored by the Pew Charitable Trusts and the National Council on Aging reveals almost seven million Americans provide or manage care for a family member or friend who is 55 or older and lives at least an hour away.
The National Council on Aging estimates Americans miss 15 million days of work every year due to the responsibilities involved in being long-distance caregivers.