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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?

$138,000
The projected average lifetime cost of long-term services for more than half of the Americans who turned 65 in 2016. 

$6,954
The average amount that 78% of family caregivers paid out of pocket for medical costs related to an elder relative in 2016.

$11,923
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.

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