Program of All-Inclusive Care for the Elderly (PACE) Report 2019
In the year 2050, U.S. Census Bureau estimates that there will be 83.7 million people in the United States who are 65 years or older. This estimate is nearly twice as many seniors as there were in 2012. Additionally, by 2050, the elderly population, specifically those who are 85 years old and older, is predicted to start growing at a faster rate than the working age population.
Florida’s aging population is growing rapidly. While Florida’s overall population is expected to grow by almost 5.1 million between 2010 and 2030, elder Floridians will account for most of Florida’s population growth, representing 55.2 percent of the gains in population. Florida’s Office of Economic Development and Research estimated that there were 3,259,602 people aged 65 and older in 2010. By 2040, this number is expected to increase to 6,642,622.
As of 2010, there were 2.5 million Floridians in their 50s, 2.1 million Floridians in their 60s, 1.4 million Floridians in their 70s and almost 1 million Floridians in their 80s and above. There is every reason to believe that these numbers will continue to rise. Recent estimates predict that Florida’s 65 and older population will represent 24.1 percent of Florida’s overall population by the year 2030. As Florida’s population continues to age, the elderly population will require vastly different and more costly forms of health care, such as long-term care for chronic conditions, more frequent examinations and follow-ups, and services and care for cognitive and mental impairments.
Not only do seniors demand different types of health care, but meeting these needs will cost more, as nearly half of lifetime healthcare costs are accrued during the senior years. Despite the large elderly population, Florida lags in long-term services and support for the elderly, currently ranking 46th in the nation. To prepare for the future long-term care needs of the elderly, it is crucial for Florida to look for ways to control costs and improve quality of life for our senior residents. The Program of All-Inclusive Care for the Elderly (PACE) is such a program, that can provide needed care to Florida seniors at a lower cost.