AARP Says Long-Term Care Costs Jumped 50% Since 2019, Squeezing Middle-Class Families
Updated
Updated · CBS New York · Jul 19
AARP Says Long-Term Care Costs Jumped 50% Since 2019, Squeezing Middle-Class Families
3 articles · Updated · CBS New York · Jul 19
Summary
Nearly 50% growth in long-term care costs from 2019 to 2024 has outpaced incomes, with AARP saying middle-class families are being hit hardest.
About 70% of Americans will need some form of long-term care after 65, forcing many to either forgo care or drain savings to patch together help.
Family caregivers are absorbing much of that strain: AARP says they provided nearly 50 billion unpaid hours in 2024, labor valued at more than $1 trillion.
The Sternfelds in New York said they exhausted retirement savings before reaching Medicaid, underscoring AARP's push for a family caregiver tax credit that has stalled for about a decade.
With Medicaid tightening, are middle-class families being forced to choose between their life savings and essential care?
Could AI and robotics solve the caregiver crisis, or is it a solution only available for the wealthy?
U.S. Long-Term Care Costs Soar 50% in Five Years: The Growing Crisis and Paths Forward
Overview
Between 2019 and 2024, long-term care costs in the United States surged at an unprecedented rate, with home care and assisted living rising by nearly 50%. This sharp increase placed immense financial pressure on American households, as the growth in seniors' incomes could not keep up. The result is a widening affordability crisis, where essential care services are becoming out of reach for many. The growing demand for care that allows people to stay in their homes, combined with escalating costs across all service categories, highlights the urgent need for solutions to ensure long-term care remains accessible and affordable.