LTC Health Jobs Being Added as Demand Increases

No doubt you have noticed that the country is getting older. There are more older people than younger people for various reasons, but longevity is a significant reason.

With the increasing demand for long-term health care, finding caregivers and paying for ever-increasing long-term health care costs becomes more challenging. 

A national advocacy group says that the direct care workforce (their term for long-term care providers) is projected to add more than 1.3 million new jobs between now and 2028. 

Significant Job Growth in Years Ahead

According to PHI, a New York-based advocacy organization for direct care workers, in-home health care will add approximately 1.1 million jobs representing the most significant growth of any job sector in the country. 

During the same period, an additional 6.9 million direct care jobs will need to be filled as existing workers leave the field or exit the labor force. The group reports that 4.5 million workers are providing long-term care services. The number includes:

• About 2.3 million home care workers
• Over 700,000 workers in long-term care facilities
• About 580,000 nursing assistants employed in nursing homes
• Nearly 900,000 workers employed in other settings

Older People Outpacing Growth of Younger People

PHI says that from 2016 to 2060, the population of adults aged 65 and over will almost double, from 49.2 million to 94.7 million people. During that same time, the number of adults over 85 will nearly triple to 19 million. The increasing number of older adults and longevity are primary factors driving demand for long-term services and supports.

The Brookings Institute says the 55+ age group is increasing nationwide. "Aging in place," baby boomers are fueling this growth with the 65- to 74-year-old age group.

The labor force is not keeping pace with the number of people requiring long-term health care. Family members, who often become default caregivers, are unprepared, untrained, and mostly unavailable for this demanding role. The adult children of care recipients have their careers and families to juggle; adding the role of a caregiver is not realistic. 

Increasing labor costs and demand for long-term health care will increase the costs of care to the consumer. Unless you qualify for Medicaid's long-term care benefit (must have little or no income and assets), you will be responsible for your own future long-term care.

Long-Term Care Costs Increasing at Rapid Rate

The LTC NEWS Cost of Care Calculator shows the current and future financial impact on your savings by eldercare costs. While nursing home represents a minority of long-term health care the costs are staggering. Nursing home costs are already over $100,000 a year on average, according to LTC NEWS. However, in-home care costs, adult day care centers, assisted living facilities, and memory care facilities are seeing increasing costs as well. The financial impact is devastating on income, savings, lifestyle, and legacy.

Caregivers need to be trained, and wages will increase to attract and maintain a quality workforce. PHI says that home health aides and nursing assistants must complete 75 hours of training by federal regulation. There is, however, no federal training requirement for personal care aides. Each state has their own requirements for each segment. have no federal training requirements. Training requirements for each of these workforce segments vary by state - click here. 

If you have savings to protect, planning now before you get older will make getting older easier on your family and your pocketbook. Long-Term Care Insurance is an option for many people, but you may have limited or no options available if you do not have reasonably good health. 

Alternative Funding Options Available

For people who already have declining health or have their assets primarily tied to their home, you might consider a reverse mortgage. This is a type of loan you do not have to pay back, giving you access to tax-free income or lump sums of money even to fund a Long-Term Care Insurance policy if your health allows. The LTC NEWS Reverse Mortgage page can give you details to see if this is a consideration. 

The best time to plan is when you still enjoy good health since LTC Insurance is medically underwritten and premiums are based, in part, on your age and health. Experts say your 40s or 50s is a good target to plan so you can safeguard retirement assets and reduce the stress and anxiety otherwise placed on your family. Find a licensed and qualified specialist to help you navigate your options - click here.

As you get older, you start seeing changes in your body. Your health starts changing as you get older. Once you get past age 60, you even start seeing a decline in your cognitive ability. Aging is real. We have no way to stop aging. The only thing you can do is take care of your health, eat well, exercise, and plan. 

Affordable Long-Term Care Insurance plans have inflation benefits to offset the ever-growing costs of long-term health care. Special Partnership Long-Term Care Insurance, available in 45 states, gives you dollar-for-dollar asset protection. 

Don't put this all on your family. Being proactive will give everyone greater peace of mind.