As many as 8 in 10 older Americans couldn’t afford more than four years in an assisted living facility or two years in a nursing home, according to a 2023 analysis by the National Council on Aging and the LeadingAge LTSS Center @UMass Boston.
This is particularly hard for people in the monetary middle, defined by Pew Research Center as “those with an annual household income of about $52,000 to $156,000 annually in 2020 dollars for a household of three.” They don’t have enough to pay for long-term care, but they have too many assets to qualify for government assistance. Medicare also doesn’t cover long-term care. What are the options for the 47 million households with older adults who will face this scenario?
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