Long-Term Care Costs Surge 50%, Straining Middle-Income New York Seniors
Event summary
- Home care and assisted living costs have surged nearly 50% nationally since 2019, erasing a decade of affordability progress for middle-income older adults.
- In 2024, the median annual income for New Yorkers aged 65+ was $59,909, but long-term care costs ranged from $53,040 (home health aide) to $186,698 (nursing home private room).
- New York's long-term care affordability ranks among the worst in the U.S., with seniors able to pay for only half the care available in the most affordable states.
- AARP New York advocates for a $173.5 million investment in aging services to alleviate financial strain on families and reduce pressure on the long-term care system.
The big picture
The sharp rise in long-term care costs reflects broader trends of aging populations and escalating healthcare expenses. As middle-income seniors struggle to afford essential services, the gap between care needs and financial resources widens, creating systemic pressures on families and public systems alike. AARP's advocacy highlights the growing need for policy interventions to address this affordability crisis before it deepens further.
What we're watching
- Policy Response
- Whether New York's legislature will allocate the $173.5 million requested by AARP to fund aging services and mitigate long-term care affordability challenges.
- Cost Trajectory
- The pace at which long-term care costs continue to outstrip income growth for middle-income seniors, particularly in high-cost states like New York.
- Systemic Pressure
- How rising unaffordability may accelerate reliance on unpaid family caregivers or force more seniors to forego necessary care, straining the broader healthcare system.
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