“Long-term care costs could reach $5.6 trillion by 2047: report,” by Lois A. Bowers, McKnight’s Senior Living
Quote:
“The lifetime cost of paid long-term care for those aged 70 or more years collectively could swell to $5.6 trillion by the year 2047, according to a study released Thursday by professional services firm pricewaterhouseCoopers.
“Other findings in the report:
- 25% of the time, the expected individual cost of long-term care services is less than $26,000, and another 25% of the time, costs are more than $240,000. A 5% chance exists that the expected cost is more than $578,000, according to the authors. The range can be attributed to several factors, such as condition and type and location of service.”
LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform): Long-term care costs increase as unfunded liabilities remain massive.
Long-term care costs could reach $5.6 trillion by 2047: report
#long-term
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