You may be wondering, what this means, and how it affects you. Quite simply, Americans are aging beyond our ability to support.
In 1950, there were 7.2 people in the workforce for every person over the age of 65. In 1980, that number shrank to 5.1. The rising costs of childcare and pressures on families drove the number of workforce contributors down to 4.1 people in 2011. By the year 2050, it is expected that there will only be 2.1 people in the workforce for every 1 person over the age of 65. That is the total workforce, not just long-term care!
We know that 70% of people over the age of 65 will need some form of long-term health care. This conundrum serves as a realistic reminder about making a plan for future needs. So, if you’ve decided to stay at home and bring in help if and when you need it, revisit this plan. Call local home care agencies and research cost and availability. You may be shocked to learn how much agencies are struggling with staffing direct care positions. Many are noting an ever-growing waitlist for care as a result. Take note of the rates for hourly care and do your diligence about what their future cost outlook shakes out.
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