In the coming years, senior women will need nearly $35,000 more than men to pay for long-term care, according to a new report commissioned by the U.S. Department of Health and Human Services.
The study, conducted by the Urban Institute, found women turning 65 in the next few years will need an average of 3.2 years of long-term care, costing, on average, $176,000. Men will require an average 2.3 years of long-term care, costing, on average, $142,000.
The report found that by 2050 the 65 and older population will expand from 57 million people today to 80 million people. The majority of that population will be over the age of 85, a group that typically requires the most long-term care.
The report also projects that in 2050 over 10 million Americans will require substantial assistance with at least two activities of daily living, such as bathing, toileting and dressing.
The report comes at a time when President Joseph Biden is trying to push an infrastructure package through Congress that will address services for the nation’s aging population. The administration’s plan would spend $400 billion on home-and-community-based services, which would help older Americans requiring long-term care.
