Silver Book Fact

Two-thirds of people over the age of 65 will need long-term care in their lifetimes.

Genworth Financial. Genworth Finanical 2010 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes; April 2010

Categories

  • Cost of Disease
  • Economic Burden

Related Facts

  • Spending on prescription drugs by non-institutionalized Medicare beneficiaries age 65 and older averaged $830 (24% of out-of-pocket spending) in 2003.  
  • Growth in public spending on personal health care, which is projected to be 8% in 2005, is expected to continue to outpace growth in private spending.  
  • Each year, older adults who have 5 or more chronic illnesses visit, on average, 14 different physicians, make 37 physician office visits, and have 50 prescriptions filled.  
  • In 2004, older Americans with no chronic conditions spent an average of $800 on prescription drugs. Those with 5 or more chronic conditions spent on average $3,862.  
  • In 2002, 61% of all deaths of those age 65 and older were caused by heart disease (32%), cancer (22%), and stroke (8%).