Monday, March 20, 2023
Senior care is crushingly expensive. Boomers aren’t ready.
Long-term care costs are among the most significant financial risks facing senior Americans and their families today. Assisted living facilities are a fast-growing option for elderly care, which provide homelike environments for those who need day-to-day help. However, they start at around $60,000 annually on average, with the cost rising as residents age.
On the other hand, nursing homes provide a more intensive medical care environment; however, most people cannot afford the $120,000 price tag and would prefer to spend their final days in their own homes. In-home assistance from a care aide is an alternative to moving into a facility, but this cost starts at around $56,000 a year. Additionally, a shortage of home care aides was exacerbated by the pandemic.
Many families are now faced with the option to take out loans, liquidate real estate, ask family members to help with costs or turn to fundraising sites like GoFundMe for help. Unfortunately, it has become a daunting expense and puts those with dementia and other infirmities at significant risk.
For more information see Christopher Rowland “Senior care is crushingly expensive. Boomers aren’t ready.” The Washington Post, March 20, 2023.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.