According to a United Nations report, the number of people over age 80 is expected to more than triple by 2050. By the year 2100, the increase will be seven-fold.
Globally, those aged 80 or over should increase from 125 million in 2015 to 434 million in 2050 and 944 million in 2100.
The revised global U.N. population reports say 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 U.S. population will be over age 60. Those over age 80 will be 8.3% of the population. The total number of people over age 65 will double by 2050.
The global population is aging at an unprecedented rate. If this 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)
Aging America Needs to Plan for Long-Term Care
An aging country isn't really new news. A 2012 U.S. Congressional Report stated that America's aging would continue long after the Baby Boomer generation crests. This graying of America 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.
Many Americans are learning about long-term care options and purchasing affordable LTC Insurance policies to address the high costs and related burdens that come with extended health care.
Your Heath, Body, and Mind Will Change in the Next 20+ Years
People require long-term care services and supports when they need assistance with activities-of-daily living due to an illness, accident, or aging.
With greater longevity comes a greater risk of cognitive decline as well.
Many Americans think health insurance or Medicarewill pay for these costs, yet a recent CNBC report said that 33% of those aged 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 long-term care 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 extended care and the impact it has on the family. Through several sources, consumers can learn about Long-Term Care Insurance, including the American Association for Long-Term Care Insurance, the U.S. Department of Health and Human Services, and the resource section at LTC NEWS.
Long-Term Care Insurance is affordable but you should plan before you retire. Premiums can vary of 100% between insurance companies. LTC policies are medically underwritten so start planning before your health starts changing. Ideally, you should look into a plan in your 40s or 50s.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
The problem of long-term care is both a cash flow issue and a family issue. Preparing your family and finances for the financial costs and burdens associated with long-term health care is key to enjoying a successful future retirement.
Use LTC NEWS Resources to Help You Plan
There are several resources available on LTC NEWS that will help you learn about your options to plan for the financial costs and burdens of aging. Your body, health, and mind will change in the next 20+ years. Consider the physical, emotional, and financial burdens placed on you and your loved ones as you get older.
Use the LTC NEWS Cost of Care Calculator and find both the current and future cost of care services where you live. Click here and see the financial impact.
Caregiving is hard on family members and paid care is expensive. Affordable Long-Term Care Insurance provides the tax-free resources to pay for your choice of quality care in your home or in a facility.
LTC Insurance Specialist Will Help You Find the Right Coverage
Be sure to seek the right type of professional help. Experts say to avoid using a financial advisor or general insurance agent. They often lack the experience and knowledge in policy features, underwriting, tax advantages, and other factors. Since premiums can vary by over 100% between insurance companies, you need a skilled and trusted professional.
A qualified Long-Term Care Insurance specialist will help you navigate the options and find the best coverage at the best value. Discover your trusted pro by clicking here.
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