Healthcare costs associated with aging out of reach for many Americans
Summary
Ken and Ronnie Sternfeld, both with serious health challenges, struggled for over a year to get healthcare costs covered before qualifying for Medicaid, spending most of their savings in the process. AARP research shows that long-term care costs have risen about 50% from 2019 to 2024, putting heavy financial pressure on middle-class families and increasing reliance on unpaid family caregivers.Key Facts
- Ken Sternfeld is 71 years old and uses a wheelchair; he and his wife need about 10 hours a day of home care.
- The couple faced a long, difficult process to get healthcare help from insurance and eventually accessed Medicaid.
- Before Medicaid, they paid for care out-of-pocket, using nearly all their retirement savings.
- Long-term care costs increased nearly 50% between 2019 and 2024, faster than middle-class incomes.
- About 70% of Americans over age 65 will need some kind of long-term care.
- Family caregivers in 2024 provided nearly 50 billion hours of unpaid care, valued at over $1 trillion.
- The AARP is pushing for a tax credit to support family caregivers, but this proposal has not passed.
- The Sternfelds rely mostly on Social Security income and face ongoing financial uncertainty.
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