Most people believe that Medicare will cover long-term care, such as going into a nursing home...but it doesn't.
In fact, there are many other things you should know about the cost of elder care. For example, did you know that according to a 2018 Pew Research Center analysis, there are an estimated 40 million Americans providing some type of unpaid care to another adult.
On average, these adult caregivers spend about 80 minutes a day doing things like bathing, paying bills, dressing, providing medical care and transportation, the study found. Couple this with the fact that by 2034 the number of adults over 65 will far outnumber the younger population, these numbers are of even more importance.
The need for long-term care
Aging baby boomers are only a part of the long-term care problem. Women, who have historically taken on the role as caretakers, are entering the labor force in increasing numbers. This has created in many households a significant "care gap" where there aren't enough caretakers to care for America's aging population.
Added to the rising costs of long-term care and you have a perfect storm for a care crisis.
How much does long-term care typically cost?
The answer is that depends on the needed living situation. In-home care can average more than $50,000 per year. Nursing homes, which provide constant medical care and supervision, can cost more than $100,000 per year.
While wealthy individuals can afford the help they need, many working-class Americans are left without options. This is the very reason that so many choose to become a full-time caregiver of their aging loved ones.
The result? Usually this type of care works for a time with very few family members shouldering the burden. Over time the family reaches a burn-out phase and the needed care dwindles or feelings of resentment fill in. Either way, what started out as a plan of love has become a burden and a wedge.
How a Geriatric Care Manager can help
With the long-term costs rising so quickly, many people are turning to Geriatric Care Managers for help. A GCM can quickly analyze your current situation and offer solutions that can be both affordable and flexible.
At Aging Solutions, our mission is to provide options to families that support them and their loved ones in need. Our compassionate GCM's are highly trained medical professionals that are passionate about helping people. Let us help you find ways to solve your families "care gaps".