Maturing Baby Boom Generation Will Increase Long-Term Care Costs

January 20, 2003 Maturing Baby Boom Generation Will Increase Long-Term Care Costs The baby boom generation will have a disproportionate effect on the demand for long-term care because the number of elderly will increase by 20 million, at the same time life expectancy is increasing. Spending for long-term care was about $134 billion in 1999. Medicaid and Medicare paid for nearly 58% of these services, contributing about $59 billion and $18 billion, respectively. Private long-term care insurance was viewed as a possible way to reduce catastrophic financial risk for the elderly needing long-term care and . . .