80+ Population to Triple by 2050: UN

80+ Population to Triple by 2050: UN

March 30th, 2016Mar 30th, 2016 James Kelly Length 2:27
March 30th, 2016Mar 30th, 2016 James Kelly 2:27

The number of persons aged 80 or over is projected to more than triple by 2050 and to increase more than seven-fold by 2100 according to an UN report.

Globally, the number of persons aged 80 or over is projected to increase from 125 million in 2015 to 434 million in 2050 and 944 million in 2100.

The revised global UN population reports suggests substantial improvements in life expectancy have occurred in recent years. In the United States, 24.5% of the population is now age 60+. 3.8% is 80+.

By 2050, 36.2% of the US population will be age 60+ with 8.3% age 80 and over.

A US Census Bureau report says the number of people globally aged 65 and over is expected to more than double by 2050.

The global population is aging at an unprecedented rate with 8.5% of people worldwide or more than 600 million now aged 65 and over, said the US Census Bureau report.

If the trend continues nearly 17% of the global population or 1.6 billion people, will be in the 65-and-over age bracket by 2050.

"People are living longer, but that does not necessarily mean that they are living healthier,"  which commissioned the study, "An Aging World: 2015."

 Richard Hodes, director of the National Institute on Aging (NIA)

This isn’t really new news. A 2012 US Congressional Report stated the aging of America will continue long after the Baby Boomer generation crests. This will pose a continuing economic challenge for both the American family and the nation for decades to come.

Many people have not saved for retirement adequately much less planning for Long Term Health Care that comes with aging.

Long-Term Care Insurance has become an ever-increasing option to plan for the financial costs and burdens of aging.

The American Association for Long-Term Care Insurance (AALTCI), a national consumer advocacy and educational organization, reported the six leading Long-Term Care insurance companies recorded increased policy sales in 2015 compared to their sales during the prior year.

"This is a positive sign as is the fact that one new insurer will begin selling policies in 2016,"

 Jesse Slome, director of the AALTCI.

According to the U.S. Department of Health and Human Services (HHS), about 70% of people turning age 65 will need Long-Term Care services at some point in their lives.

Many Americans think health insurance or Medicarewill pay for these costs, yet a recent CNBC report said that 33% of those age 55 to 64 said they would rely on Medicareto pay for Long-Term Care, even though Medicaregenerally does not cover those costs.

As a result, many people approaching retirement age are less likely to plan effectively for LTC and may wind up putting themselves at financial risk, according to the CNBC report. People age 55 and over accounted for almost 1 in 4 medical bankruptcies in 2013, according to research by Nerdwallet.

Long-Term Care Insurance can address the costs of care and the impact on a family. Consumers can learn about Long-Term Care through a number of sources, including the AALTCI website: www.alLTCi.org, the US HHS LTC website, https://longtermcare.acl.gov.

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