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States face largest growth in long-term care need

Armen Hareyan's picture

The population of individuals age 85+ in the state of Alaska is expected to grow 297 percent from 2007 to 2030, more than any other state, according to a report published by AARP. Individuals in their 80s are most likely to require long-term care according to the American Association for Long Term Care Insurance, the industry trade group. "Alaskans are facing a huge financial risk," states Jesse Slome, the organization's executive director.

Other states projected to have the greatest growth of individuals age 85+ include Nevada (+176%), Arizona (+135%), Wyoming (+126%) and New Mexico (+123%). "From 2007 to 2030, the population of adults age 65 or older is projected to grow 89 percent," Slome explains. "That's more than four times as fast as the population as a whole and will create an enormous increased need for long-term care."

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The 85+ population will grow even faster between now and 2030 primarily driven by the ageing of the baby boom generation. Baby boomers begin to turn 85 in 2031 but their planning for long-term care needs to begin now. You can't start planning for retirement at age 64 and you can't start planning for long-term care at older ages. You will have run out of affordable options including long term care insurance.

The following are the 10 states with the projected greatest change in population age 85+ between now and 2030: (1) Alaska (+297%); (2) Nevada (+176%), (3) Arizona (+135%); (4) Wyoming (+126%); (5) New Mexico (+123%); (6) Virginia (+114%); (7) Vermont (+106%); (8) Colorado (+104%); (9) Texas (+101%) and (10) Maryland (+98%).

The states with the least growth of residents age 85+ are: (50) North Dakota (+34%); (49) Iowa (+36%); (48)
Pennsylvania (+37%); (47) South Dakota (+39%); (46) Nebraska (+40%); (45) West Virginia (+43%); (44) California (+45%); (43) Ohio (+45%); (42) Arkansas (+45%); (41) Mississippi (+45%).

Written by Jesse Slome from the American Association for Long Term Care Insurance