SmartMoney:
Americans are living longer, healthier lives, researchers say.
Don’t believe it. We’re living longer, to be sure: to about 77, on average, an increase of 30 years since 1900, according to the U.S. Census.
And specific age groups are healthier than before; among 65 year olds, less than 20% have chronic disabilities, compared with 26% in 1982. But those 2 pieces of information are redundant. To live longer is to be healthier. At some age we all lose our health. Most of us will need help during that last bit. 3 out of 4 people age 80 and up have disabilities that make everyday tasks difficult.
Plan early for the care you’ll need when you’re old. I’m a stock picker, not a financial planner, but I’ll tell you the secret just the same: Become rich or insured and, if you can, loved by someone you won’t outlive.
Once you’ve sorted that out, consider investing in elder care. The trends are excellent. The number of Americans age 85 and over is expected to increase well faster than the overall population, to 2.2% of the country by 2020, up from 1.7% today. Spending on nursing homes will double by 2016, reckons the government’s Centers for Medicare and Medicaid Services. Yet according to the American Health Care Association, a nursing home trade group, the number of nursing homes has shrunk since 1999 while the bed count has remained flat.
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