Abstract: This article from CNBC details the projected impact of rising long term care costs on baby boomer populations.
Over the next decade, long-term care will become a more present concern for 76 million baby boomers as they reach retirement age. Many expect to purchase long-term care policies to help with costs. However, in the past three years, three major long-term care policy providers (Metlife, Prudential, and Unum) have all stopped selling policies as a result of low interest rates and the risings costs of care. Despite the many possible solutions, it’s still unclear as to where the funding to care for aging populations will come from.