The Solution to Rising Cost of Elderly Care

USA Today shared an article recently highlighting the clear financial benefits of at home care for the elderly.

As they explain, even with all the experts sharing advice on how to plan ahead so that you’re taken care when you get older, somehow Americans are still finding themselves not being able to meet the high costs of nursing home bills.

Most Americans put in the effort to pay for insurance and social security but get stuck with nursing home costs that don’t fall within that budget. All of that planning and saving becomes irrelevant when cost of living is so high.

Did you know that two-thirds of Americans over the age of 65 are expected to need some form of long-term care? For these people, the high costs of nursing home care can be far beyond reach.

This doesn’t make sense. How are people expected to plan ahead and care for themselves when they become sick? Medicare doesn’t even cover long-term stays. This has led a lot of elderly people winding up on Medicaid. However, what about those in the middle class? They don’t qualify for Meidcaid because they have too much money to apply, but they also don’t have enough to cover the typical three years of care.

According to the article, some 60 percent of Americans nearing retirement — those between the ages of 55 and 64 — have retirement accounts (Employee Benefit Research Institute). The median balance is $104,000. Combined with other savings and income, that can offer retirees all they need to care for themselves. However, plans change. Life happens and sick people get sicker. Plans that looked solid on paper are no match for their bills.

With the astronomical cost of nursing home care, the future can seem daunting. However, there is a solution. Home Care! Hiring a home care aide to spend the day with an elderly parent not only offers them the comforts of home, but is more often than not the most cost effective option.

For more information about the benefits of at home elderly care, please contact us!

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