The Long-Term Care Crisis: U.S. Facing Aging Population Without a Safety Net
As America's population ages, long-term care has become one of the most urgent and complex issues facing individuals and families across the country. As such, there are many podcasts, radio shows, and TV programs that address these issues.
A new weekly podcast, "62 Who Knew," is hosted by Michael L. Banner and replaces his old TV show with the same name. The podcast, sponsored by LTC News, Amada Senior Care, and Platinum LTC Solutions, will discuss aging, retirement, health, long-term care, and lifestyle issues each week with expert guests and commentary.
The debut episode brought together experts in long-term care planning and in-home care to dissect the challenges and misconceptions surrounding this critical topic.
Their discussion painted a stark picture: Americans are living longer, but the systems designed to support them in old age are failing to keep pace.
The Growing Demand for Long-Term Care
The need for long-term care is surging due to increasing life expectancies and medical advancements that allow people to survive serious illnesses for decades. However, Matt McCann, one of the nation's leading experts on long-term care planning, pointed out that people are often in denial about their future care needs.
The biggest problem in long-term care planning is denial. People assume they won't need care, but the reality is that the majority of Americans will require some form of long-term assistance at some point in their lives.
Banner emphasized that many people mistakenly believe Medicare will cover long-term care when, in fact, Medicare only provides short-term skilled nursing care under specific conditions. Medicaid, on the other hand, does cover long-term care, but only for those who have limited financial resources.
Financial Burden and Lack of Preparedness
Cassandra Watson, president of Platinum LTC Solutions, highlighted a major knowledge gap among Americans when it comes to paying for long-term care. Many assume their health insurance or retirement savings will be sufficient, only to face financial ruin when a loved one requires in-home care or nursing home services.
"This isn't something people think about early enough," Watson explained.
By the time they realize Medicare doesn't cover extended care, it's often too late to qualify for affordable insurance options.
According to the 62 Who Knew discussion, the cost of in-home care can range in some areas from $8,000 to $20,000 per month, depending on the number of hours of care required.
The LTC News survey of long-term care costs provides current and projected nationwide cost data for long-term care services. You can search your city or town or an entire state.
The costs of assisted living, memory care, and nursing homes can be even higher. Without proper planning, families rely on unpaid caregiving from relatives and personal savings, leading to significant emotional and financial stress.
The Impact of COVID-19 on Long-Term Care
John Thomas, Director of National and Strategic Accounts for Amada Senior Care, noted a shift in how people perceive long-term care since the COVID-19 pandemic. With nursing home deaths making headlines, more families are opting for in-home care, leading to an increased demand for caregivers.
"COVID-19 exposed major weaknesses in the nursing home system," Thomas said.
Families are more reluctant to send loved ones to facilities, but they often don't realize how expensive quality in-home care can be until they're faced with the reality.
Additionally, the panelists discussed how the pandemic accelerated a trend in hospital discharges, with 87% of patients now being sent home rather than to rehabilitation or skilled nursing facilities. This shift places greater responsibility on families to provide care or find affordable alternatives.
The Sandwich Generation's Struggles
Another critical issue raised during this episode of "62 Who Knew" podcast was the increasing burden on the "sandwich generation"—those who are simultaneously raising children and caring for aging parents. Thomas and Watson pointed out that many middle-aged adults are forced to balance their careers, finances, and caregiving responsibilities, often at great personal cost.
"As the costs of care rise, more adult children are becoming caregivers out of necessity," Watson said.
But this can have serious financial consequences, including lost income and retirement savings.
Tafa Jefferson, The President and CEO of Amada Senior Care says his agency has seen more sandwich-generation families that they help.
We receive thousands of calls each day from families looking for care. We find that they haven't prepared and have had to pitch in.
Jefferson said that these family caregivers are often forced to do evening shifts or on the weekends since there was no advance plan before the crisis started.
Can More Insurance Options Solve the Problem?
The panelists debated whether expanding the availability of Long-Term Care Insurance could alleviate some of these issues.
McCann argued that LTC insurance is often seen as too expensive because financial advisors and some insurance agents tend to promote high-priced policies with benefits that exceed what most people actually need.
Instead, he suggested that even modest policies could make a significant difference by covering a good portion of home health aides and assisted living, thus reducing the burden on families.
"We need to shift the conversation away from 'Can I afford this?' to 'Can I afford not to?'" McCann said.
Even a small policy can dramatically improve quality of life and reduce stress for families.
Government Involvement: A Long Road Ahead
Despite ongoing discussions about government-sponsored long-term care solutions, McCann was skeptical that federal or state programs would provide meaningful relief anytime soon.
"The government is not going to be your safety net," McCann stated bluntly.
People need to take responsibility for their own planning because Medicaid will only help you if you're broke.
What Can Consumers Do?
The panelists stressed the importance of education and early preparation for those looking to plan ahead. They advised exploring Long-Term Care Insurance options in your 40s and 50s when premiums are more affordable and health qualifications are easier to meet.
"We need to stop treating long-term care planning as an afterthought," Watson said.
This is about ensuring dignity and choice in how we age.
Practical Solutions
The "62 Who Knew" podcast provides a sobering look at America's long-term care crisis, highlighting both systemic challenges and practical solutions to the consequences of aging.
While the financial and logistical hurdles are significant, the experts agreed that with proper education and planning, individuals and families can avoid the devastating consequences of being unprepared.
As the U.S. population ages, long-term care will remain a pressing issue. The podcast discusses aging, health, lifestyle, long-term care, and retirement planning issues.
A new episode will be posted every Thursday.
You can use the LTC News Long-Term Care Insurance Education Center to learn more about long-term care planning. Plus, LTC News, with our partner Amada Senior Care, will help you file a Long-Term Care Insurance claim from any LTC policy so your loved one can get benefits from their policy right away – without cost of obligation - Filing a Long-Term Care Insurance Claim.
The LTC News Caregiver Directory has over 80,000 long-term care provides that you can search for based on your location, making the process of finding quality long-term care services much easier on the entire family.