According to an article by Forbes Magazine (See it HERE), many seniors will struggle to pay for housing in the years to come.
Here's an excerpt from the article, that is very thought-provoking:
"More than half of U.S. seniors considered “middle income” won’t be able to afford assisted living and other forms of senior housing a decade from now, according to new research published Wednesday in the journal Health Affairs.
The study, led by NORC at the University of Chicago and researchers from Harvard Medical School, shows a critical void in future U.S. housing needs at a time when more than 10,000 baby boomers are turning 65 each day.
Though the housing market for Americans in need of assisted and independent living has greatly expanded, the cost is often out of reach for an increasing number of people considered middle income who are 75 and older."
This is why I am in favor of Medicaid expansion. Right now, Medicaid coverage is available (for those who qualify) for nursing home care, but NOT for assisted living care. That means seniors have to pay for their assisting living care out of pocket, unless they have Long Term Care insurance, which most people do not have. Medicaid needs to expand to cover assisted living. Period.