Long-Term Care Residents Projected to Reach 14 Million by 2065

The long-term care industry is expected to get an influx of nursing home residents and other seniors within the next four decades, according to a new analysis from MedicareGuide. 

The research revealed that the federal government is projecting there will be 95 million people aged 65 or older by 2065, with 15% of that group expected to have at least two disabilities. 

As a result, the number of Americans using long-term care services is expected to double from 7 million to more than 14 million by 2065. It also revealed that American men who turn 65 between 2020 and 2024 will require an average of 2.3 years of long-term care, while women in the same category can expect to need an average of 3.2 years of it.

The analysis also estimated male seniors will spend an average of $142,000 long-term care needs over the next four years, while female seniors are projected to spend $176,000. 

Long-term care residents suffer from multiple comorbidities, taking 12 prescriptions per month, 71 percent of which are brands, according to a report by McKesson. The long-term care pharmacy market continues to offer a unique revenue opportunity for pharmaceutical and healthcare companies but continues to present challenges not seen in other market channels.

Consolidation continues and some pharmacies are working to diversify care into the senior living/assisted living segment while remaining in the skilled nursing market as they look to overcome reduced reimbursements in the industry. Also, a growing number of independent pharmacies are building relationships with long-term care facilities.

Takeaway: AMI’s report, Pharmacy in LTC 2021, remains a vital resource for those in the market needing business intelligence