Final answer:
The escalation of health and long-term care costs can largely be attributed to the growing number of elderly people due to the aging Baby Boom generation. Healthcare spending, including Medicare, is expected to increase significantly, putting financial pressure on individuals and the government while increasing demand for elder care services.
Step-by-step explanation:
The primary factor underlying escalating health and long-term care costs is multifaceted, but a major contributor is that more people are reaching old age, leading to a higher proportion of the population requiring extensive healthcare and long-term care services. The aging of the Baby Boom cohort, in particular, has serious implications for healthcare systems. As healthcare spending is projected to continue growing significantly, the demand for Medicare and other elder care services is expected to put a strain on economic and social institutions. With fewer working-age people available to provide home care, and the high costs associated with professional healthcare services, families face increasing financial burdens related to elder care.
In the United States, the elderly's medical expenses are increasing significantly, accounting for a substantial share of both individual incomes and government spending. Medicare and Social Security are consuming larger portions of federal budgets, and the demand for elder care, such as assisted living facilities, is growing. Moreover, societal attitudes towards caring for the elderly can amplify these costs when families are either unable or unwilling to provide the necessary care themselves.