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Healthcare costs associated with aging out of reach for many Americans
CBS News • • business
Key Points:
- Ken and Ronnie Sternfeld, both medically challenged, rely on about 10 hours a day of in-home care funded by Medicaid after a lengthy and difficult approval process that depleted their savings.
- The couple's only income is Social Security, which barely covers rent, highlighting the financial strain caused by rapidly rising long-term care costs.
- A recent AARP study found long-term care expenses surged nearly 50% from 2019 to 2024, outpacing incomes and disproportionately impacting middle-class families.
- Family caregivers provide nearly 50 billion hours of unpaid care annually, valued at over $1 trillion, but many face unsustainable demands balancing caregiving with full-time jobs.
- With nearly 70% of Americans needing long-term care after age 65, AARP continues to advocate for a family caregiver tax credit, though legislative progress remains stalled.
