The long-term care industry is expected to get an influx of nursing home residents and other seniors within the next four decades, according to a new analysis from MedicareGuide.
The research, released Monday, revealed that the federal government is projecting there will be 95 million people aged 65 or older by 2065, with 15% of that group expected to have at least two disabilities.
As a result, the number of Americans using long-term care services is expected to double from 7 million to more than 14 million by 2065.
It also revealed that American men who turn 65 between 2020 and 2024 will require an average of 2.3 years of long-term care, while women in the same category can expect to need an average of 3.2 years of it. The majority of care, the same as today, will be provided by family members or loved ones, report author’s noted, but the demographic wave also will stimulate more needs for formal care.
The additional usage is also expected to produce an influx of cash to the long-term care industry. The analysis also estimated male seniors will spend an average of $142,000 long-term care needs over the next four years, while female seniors are projected to spend $176,000.
“People age 65 and up are projected to spend between 3 to 6 years in states of mild or severe disability, much of it at the end of their lives. As a consequence of the expansion of this population, the number of people using long-term care will swell,” the report noted.