Tom Campbell: Rapidly aging population should raise alarm
As we prepare to turn the page on another year, we are reminded we are a year older, and one of the largest issues we will face in 2024 and beyond is an aging population.
Our state demographer says that by 2028 one in five North Carolinians will be 65 or older. By 2031 there will be more adults 65 and older than children 17 or younger.
Baby Boomers, who have impacted every decade since their birth, are the group entering the over-65 demographic. Most never thought they would get old. Data suggests they fear dying broke. Even with a 401(k), IRA, some type of pension or
A century or so ago it was common to find multi-generations living in the same house, but those days are long gone. Children moved away from their homeplace to different cities. Even those who stayed nearby consist of two-income adults, so they cannot or will not be able to house and care for parents, especially since they are living longer than previous generations. The options for care now largely fall into four levels of care: in-home care, adult daycare, assisted living and nursing homes.
Most people hate having to leave the familiar surroundings of their own home. Depending on medical and mental conditions, they choose to remain. Care is most often provided by spouses or partners, family and daughters. Adult daycare is a respite often sought to give the caregiver some relief and is the least expensive. According to a study by
The next level is often hiring a home health aide, someone with training, who might live in the home or be there a prescribed number of hours per day. This typically costs
If the older person requires even greater care, an assisted living facility, which provides housing and minimum assistance with things like dressing, bathing, eating and medications might be necessary. Costs average
Nursing homes are the highest level and most expensive option for care.
There are three big issues facing eldercare: The need for recreational and other services, caregivers and financial demands. We won't deal with the recreational and other services here, but a growing population will demand more of them. There is a shortage of caregivers, perhaps because the median salary for health care support occupations in our state is below the median for all occupations of
National studies indicate only 3 to 4 percent of Americans over 50 have purchased long term health care insurance. The long-term health insurance industry severely underestimated how many policyholders would use their coverage, how long they would live and how much their care would cost. As a result, policy premiums are rising dramatically each year for those who have policies. Affordability is a big concern.
Federal estimates are that 70 percent of us will require critical services before we die. A
Medicare won't pay for day-to-day help for those who can't take care of themselves. Medicaid will pay for some services, but not until the person has depleted savings, income, and assets.
How will our aging population meet the financial needs they face?
We have increased longevity without a plan to pay for it. We need some earnest, compassionate and realistic conversations about our aging population.
AARP driver safety program set Jan. 9-10 in Peru
AARP driver safety program set Jan. 9-10 in Peru
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