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There are over 57 million people in the United States that are 65 or older.
Medicare statistics show that by 2050, that number will grow to over 80 million and a very large percentage of those will be in the 85+ category. That is the category that requires the most long-term care or, in government-speak, LTSS or long-term services and supports.
Why should you care about these fine points of the Medicare statistics? Because LTSS can cost you a lot of money. It costs so much, all the retirement fund you have will probably go into LTSS.
In a new report issued by the Department of Health and Human Services, the figures are broken down:
men who turn 65 in the next few years can expect to spend an average of $142,000 on long-term care needs.
For women, that figure is $176,000.
A shocking 56% of boomers mistakenly believe that Medicare will pay for long-term, sometimes called “custodial” care. They are sadly mistaken.
Medicare was designed to cover medical care only. That means that if you need short-term care in a skilled nursing facility after a hospital stay, Medicare Part A will usually cover some of the cost for some part of your stay. It gets more complicated than that, but the point is that Medicare does not pay for the kind of long-term care included in the average cost figures above.
This misunderstanding about Medicare coverage may be why boomers don’t think long-term care is a high priority, especially as they move into their 60s and 70s. A 2019 Bankers Life study of middle-income boomers revealed the following:
· Just 18% of boomers report that planning for later life care is a high priority.
· 30% of boomers surveyed have less than $1,000 saved for a financial emergency.
· 74% of boomers are somewhat or very confident in their ability to manage their own and their spouse’s healthcare costs as they age, however, 79% of boomers have no money set aside specifically for their long-term care needs.
Some of this type of care takes place at assisted living facilities or residential care communities. These places are almost exclusively private pay. When a person’s financial resources have been exhausted, they can apply for Medicaid. If they qualify, they are most likely admitted to a skilled nursing facility because most assisted living facilities do not take Medicaid.
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