When it comes down to statistics, studies show that more than half of Americans will eventually need nursing home care. Part of this is due to the aging Baby Boomer generation, as well as increases in dementia and longer life spans due to medical advancements. Some say that short-term stays are skewing that number high, but all agree that meeting the costs of such care is of big concern as WebMD reports.
The U.S. Department of Health and Human Services estimates that nearly 35% of adults will need a nursing home at some point in their lives. However, a new study shows that number may be closer to 50%.
The increase in nursing home care means that someone will have to find a way to pay for that care.
While out-of-pocket spending may not be particularly large, 5% of people will need to stay longer than 1,500 days. 5% will also spend more than $50,000 on nursing home care.
As baby boomers age and begin needing more nursing home care, the overall cost of such care will be staggering. Many will rely on sources like Medicare and Medicaid to pay for this care.
The study utilized 18 years of data from the Health and Retirement Study. That study was a project sponsored by the National Institute on Aging and the U.S. Social Security Administration.
The report was published online on August 28th in the Proceedings of the National Academy of Sciences.
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