Seniors who have an income above the Medicaid threshold but lack a high enough income to have substantial personal savings are considered “The Forgotten Middle.” These are elders who are more likely to struggle to afford long-term care that may become necessary as they age.
According to a recent analysis by NORC at the University of Chicago, which updates results from its 2019 “The Forgotten Middle” study, the number of individuals who will fall into this middle-income bracket as seniors will grow by nearly 90 percent over the next 10 years. It will also be more racially and ethnically diverse, comprising more than 22 percent of people of color.
Come 2033, the report states that 16 million seniors aged 75 and older will be struggling to cover the cost of health care and housing — all while becoming increasingly likely to require greater caregiver support.
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As a reminder, Dutton Casey & Mesoloras practices in long-term care planning for those who are planning to be on Medicaid and will also complete Medicaid applications. Learn more about these services here.