What America Spends on Care for Aging Parents
By Caroline Hwang
- PUBLISHED February 04
- 3 MINUTE READ
There are more older Americans today.
25% of the population
By 2060, nearly one in every four Americans will be elderly.
Healthcare costs steadily increase as we age.
Healthcare, as a share of expenditures:
8.5% for people 55 to 64
12.2% for people 65 to 74
15.6% for people 75 and older
What do those costs look like for caregivers?
The projected average lifetime cost of long-term services for more than half of the Americans who turned 65 in 2016.
The average amount that 78% of family caregivers paid out of pocket for medical costs related to an elder relative in 2016.
The average annual expenses of long-distance caregivers—defined as those living more than an hour away— in 2016.
What does it cost for professional long-term care?
$7,698 per month
Cost of a private room in a nursing home, on average, in 2016; a semi-private room costs, on average, $6,844 per month.
$3,628 per month
The cost of a one-bedroom unit in an assisted living facility in 2016.
$20.50 per hour
The average cost of an in-home aide in 2016.
Caroline Hwang is a journalist based in New York and the author of In Full Bloom.