Long Term Senior Care Costs Rise for Portland Seniors
For seniors with chronic conditions who live a long time, the lifetime health care bill can reach nearly $1 million, according to an analysis by the financial firm PricewaterhouseCoopers. The study was based on claims for long-term care insurance, which covers expenses related to the cost of care. But only a small fraction of consumers even has those policies. “Very few companies are still offering them,” says Larry Rubin, a partner at PricewaterhouseCoopers.
Medicare, the insurance program for seniors, does not pay for long-term care. Medicaid, the insurance program for the poor, does, but at very high costs. In 2013 Portland spent out about $575 million for long-term care for Oregon Medicaid clients in facilities or adult care homes. In 2017 the amount increased to nearly $730 million.
Companies are investing in elder-care projects and finding big profit margins. “There’s a ton of money flowing into the space right now,” Elwell says. “With the silver tsunami — the Baby Boomer generation — coming along that there will be a great need for this product type.”
In 2016 Oregon was home to about 670,000 people 65 and older. About 85,000 of them were at least 85, when people typically need the most care. In 2026, the number of people 85 and older are likely to increase to more than 100,000 people, according to forecasters at the Oregon Office of Economic Analysis. With big profits, many private-equity firms and institutional investors are moving into senior housing. The sector is also attracting interest from abroad.”
BrightStar Care of Portland support seniors aging in place, as well as in assisted living communities. To learn more about BrightStar Care services, please visit our website.
Source: https://www.oregonbusiness.com/article/real-estate/item/18395-boomer-s-future