Long-Term Care in the South (Part II)
The latest SLC Special Series Report outlines the roles that insurance plays in financing long-term care (LTC) and reviews potential insurance-related solutions that could create more affordable care in the future for states and LTC recipients.
It is critical for policymakers to understand how to manage LTC because:
- There will be approximately 88 million people over age 65 by 2050, almost double the 47.8 million recorded in 2015.
- The number of people aged 85 and older, the demographic most likely to require LTC, will grow from 6.3 million in 2015 to an estimated 19 million in 2050.
- According to recent estimates, 52 percent of all people reaching age 65 between 2015-2019 will require some form of LTC during their lives.
- An estimated 15.2 percent of people are projected to have lifetime LTC costs greater than $250,000.
LTC is defined as: a range of medical and social services required by individuals in need of extended support due to illness and frailty. It may include day-to-day personal care, assistance with essential activities such as housekeeping or paying bills, and medical care.
|Long-Term Care in the South (Part II)||1.97 MB|