What is the Financial Impact of Long-Term Care?
According to the AARP, "in 2021, In the United States, about 48 million individuals provide unpaid care to an adult family member or friend. Nearly eight in 10 caregivers report having routine out-of-pocket expenses related to looking after their loved ones. The typical annual total is significant: $7,242.
On average, family caregivers are spending 26% of their income on caregiving activities, according to results of the national study of nearly 2,400 caregivers in the spring of 2021." AARP SOURCE
In 2015 expenditures exceeded 225 billion dollars. And the estimated value for unpaid caregiving in 2013 was 470 billion dollars.
In 2019, an estimated 426.1 billion dollars was spent on Long term care support services representing 13.3% of the $3.2 trillion spent on personal health care. (source 2021)
In Florida, Long term care facilities contribute $27 billion to the Florida economy and with a growth rate of nearly 250,000 new residents yearly, this number is only going to increase. And although the $27 billion contributes to the Florida economy, it has to be paid by someone or possibly everyone.
$341,840: Estimated lifetime cost of care for someone with dementia.
Nearly eleven million people in the United States use some form of long-term care, and that number is projected to double by 2050. [Research Gate]
THESE CAREGIVERS PROVIDED AN ESTIMATED 18.5 BILLION HOURS OF CARE VALUED AT NEARLY $234 BILLION.
IN 2019, ALZHEIMER'S AND OTHER DEMENTIAS WILL COST THE NATION $290 BILLION. BY 2050, THESE COSTS COULD RISE AS HIGH AS $1.1 TRILLION.
Every 65 SECONDS SOMEONE IN THE UNITED STATES DEVELOPS THE DISEASE.
16.1 MILLION: THE NUMBER OF CAREGIVERS PROVIDING CARE TO TO SOMEONE WITH ALZHEIMER'S OR SIMILAR COGNITIVE ILLNESSES.
• 70-80% of older adults are cared for at home by family • 57-81% of caregivers are women • Most female caregivers are wives or adult daughters, middle –aged and substantial number 65+ • Care-receivers are chronically ill, frail, most have dementia • Female caregivers have higher levels of depressive and anxiety symptoms and lower life satisfaction. • Women provide care for a longer period of time and more time per day. • Women have higher level of stressors − Fewer social resources − Report lower levels of psychological and physical health • More women work outside the home.
Women Are Unable To Afford Long-Term Care
Almost 70 percent of women age 75 or older are widowed, divorced or never married (compared to about 30 percent of men).
The difference in marital status is very important. Because women are much more likely to live alone, they have no one in their household to help with daily activities. Nearly half (48%) of women age 75 or older are living alone, compared to less than one quarter (22%) of men.
For women age 75 or older and living alone, the median household income as about $14,600 (2005). Married couples had a median household income of $35,000
34.2 million: The number of Americans who have provided unpaid care to an adult 50 or over in the past 12 months.
65%: The percentage of caregivers who are female.
33%: Approximate percentage of caregivers to people with Alzheimer's/other dementias who are daughters.
25%: Approximate percentage of caregivers who are "sandwich generation" caregivers, providing care to children as well as older adults.
34%: The percentage of caregivers who are age 65 or older.
33%: The percentage of people providing care to people age 65 or older who describe their own health as fair or poor.
83%: Percentage of care provided to older adults that is delivered by friends or family members.
65%: The percentage of older adults with long-term care needs who rely exclusively on friends and family members to provide that assistance.
34.7: Average number of hours worked by unpaid caregivers who have jobs in addition to caregiving.
70%: The percentage of caregivers who suffered work-related difficulties due to their caregiving duties.
36%: The average percentage of caregivers for people age 50 or older who said they were experiencing high levels of financial strain.
10%: The estimated percentage of older adults who have suffered from some form of elder abuse.
7%: The estimated percentage of elder-abuse cases that are reported to authorities.