“Out-of-pocket health-care costs likely to take half of Social Security income by 2030, analysis shows,” by Michelle Singletary, The Washington Post
“A new analysis by the Kaiser Family Foundation has found out-of-pocket health-care costs for Medicare beneficiaries are likely to take up half of their average Social Security income by 2030. As many seniors already know, Medicare does not cover an increasing number of expenses related to health care. Among these are supplemental insurance premiums, deductibles, long-term care and dental services. Many Medicare recipients need to prepare for a big chunk of their income to be consumed by these out-of-pocket costs, according to Kaiser, a nonpartisan, nonprofit group that analyzes health-care issues.”
“A ‘train wreck waiting to happen’
In August, a Next Avenue article quoted Paul Osterman, author of ‘Who Will Care for Us?: Long-Term Care and the Long-Term Workforce,’ predicting that the number of adults 65 and older requiring long-term care ‘could rise by more than 70% over the next 25 years,’ noting that the supply of paid caregivers we’ll need likely will fall far short of demand. He describes the situation as ‘an absolute train wreck waiting to happen.’”
LTC Comment (from Damon V. Moses, President, Administrative Coordinator):
In addition, baby boomers start turning 85 in 2031 and needing long-term care services in a major way. That puts a huge burden on Medicaid which is already feebly propped by generous (but unsustainable) Medicare reimbursements and Social Security spend-through.
#socialsecurity
#goldencareagent
