Long-term Care Planning in 2025 - The Living Planner

Long-term Care Planning is a complex issue. With an aging population, planning for elder care is a growing concern. By 2025, it is projected that over 20% of the U.S. population will be 65 or older. Rising healthcare costs and longer life expectancies underscore the importance of planning for long-term care.

Let’s consider long-term care planning from several angles today: the total US population, costs and financial planning, diverse care options, technology integration; insurance options, and changes to access care. Knowledge is the key to successful planning and because this topic involves many moving parts, professional resources can help you save time, money, and stress.

US Population in 2025

Various reports about the US population exist. In January, the Congressional Budget Office released the demographic outlook for 2025-2055. The link is HERE. An overview of five statistics is below.

The US population is projected to be around 337.6 million in 2025.
The number of people 65 and older is projected to increase by 28 million people.
The number of people in the South and West is projected to increase by 59 million.
The 65+ age group is projected to grow at a rate of 1% annually.
The 25-54 age group is projected to grow at a slower rate of 0.2% annually.

Image by Peggychoucair from Pixabay

Long-term Care Options in 2025

There are many long-term care options in 2025 ranging from assisted and independent living to nursing homes and memory care. SeniorLiving.org posted a post this week that you may find helpful. These are the topics covered in their post.

Key Points to Consider for Long-term Care Planning in 2025:

Cost considerations: Expect significant increases in long-term care costs due to inflation, making it crucial to plan for higher expenses in nursing homes, assisted living facilities, and home healthcare services.
Technology integration: Look into technology-enabled care options like telehealth, remote patient monitoring, and wearable devices that can assist with independent living and monitoring health status at home.
Long-term care insurance: Carefully review your current long-term care insurance policy or consider purchasing one if you haven’t already, taking into account potential premium increases and coverage options.
Medicaid eligibility: Understand the eligibility requirements for Medicaid in your state, as it may be a primary source of funding for long-term care for individuals with limited assets.
Care options evaluation: Explore various care options beyond traditional nursing homes, including assisted living, adult day care, home health aides, and in-home care with supportive services.
State-specific regulations: Stay updated on state-specific policies regarding Medicaid coverage, long-term care regulations, and available care options.
Financial planning: Incorporate potential long-term care costs into your overall retirement financial plan, considering strategies to protect assets if needed.
Early planning: Start planning for long-term care needs as early as possible to ensure adequate time to make informed decisions and potentially secure favorable insurance rates.

Potential Trends in 2025 Long-term Care

Increased focus on community-based care: More emphasis on providing care in familiar settings like the home, with the support of technology and community services.
Growing role of telehealth: Wider adoption of telehealth for remote consultations with healthcare providers, including for monitoring chronic conditions.
Personalized care plans: Tailored care plans based on individual needs and preferences, leveraging data analytics to optimize care delivery.
Focus on caregiver support: Greater recognition of the need for caregiver training and support programs to manage the demands of providing home care.

Staff Shortages

Clif Porter, president and CEO of the American Health Care Association/National Center for Assisted Living (AHCA/NCAL) referenced staff shortages last month. “We have yet to return to our pre-pandemic workforce levels by a deficit of more than 100,000 workers.

This is not about a lack of trying to hire more caregivers: nearly every nursing home in the nation is doing everything possible to fill open positions and recruit more workers,” said Porter. “The reality is that there simply aren’t enough nurses and nurse aides to meet the demand, and we desperately need meaningful workforce solutions to grow our pipeline of qualified caregivers.”

Image by Alexa from Pixabay

Burden of Care

Who bears the burden of care? There is the emotional, financial, and logistical burden of caring for aging loved ones. You may or may not live alone. You may or may not have family nearby.

There is a changing landscape (regulatory and Medicaid) impacting people, caregiving service providers, hospitals, and care facilities across the country. With this in mind, it is important to consider your circumstances sooner rather than later.

There are wonderful people across this country who provide services at home and help you learn about facilities near you. If you’d like recommendations from people I’ve met in the field, or help with knowing how to start planning in general, send me an Email or Message anytime!

For additional information about my work check out my website @ The Living Planner or my online DIY information @ The Living Planner.

Lena Horne has a terrific quote about caregiving. “It’s not the load that breaks you down, it’s the way you carry it.”

Let’s help you lighten the load ❣️ Lynn

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