From Valleynewslive · · 40s
Long-term care costs rise 50% in five years
AARP report shows long-term care costs jumped 50% over five years as older households income grew only 22%.
In brief
AARP report shows long-term care costs jumped 50% over five years as older households income grew only 22%. Long-term care costs rose 50% between 2019 and 2024 while older households income increased by 22% according to AARP. Originally reported by Valleynewslive.
Long-term care costs rise 50% in five years
AARP report finds long-term care costs jumped nearly 50% between 2019 and 2024 while older households income rose 22%.
“Between 2019 and 2024, a five-year period, the cost of most long-term care services went up about 50%, but the incomes for older households only went up by about 22%.”
Care costs vary by skill level
More skilled care services cost more, with nursing care being significantly more expensive than basic food preparation help.
“If you need someone to come in and help you prepare food, that’s less expensive than if you need someone to come in and provide nursing-level care.”
Sandwich generation burden
Families supporting parents' care face financial strain as they cannot save for children's education.
“If you’re paying for care that your parents need, you’re not saving for your kids’ college.”
The headline
Long-term care costs rose 50% between 2019 and 2024 while older households income increased by 22% according to AARP.
