I thought I’d share this informative MarketWatch article by Kari Paul regarding how much elder care costs in different states. Where you live has a big impact on how much you will pay. The article includes a graph showing the monthly estimated costs for each of the states. I like how the article spelled out the very basics.
Below are some excerpts from the article:
- "The most expensive option for elder care is a nursing home, followed by a full-time in home health care aide and then assisted living facilities. (Nursing homes provide more comprehensive care than assisted living facilities, where residents are supposed to be able to perform most basic daily living tasks themselves.) The least expensive elder care option in the U.S. is day care, where the elderly attend a center to receive care but keep living in their own homes.
- The 65-and-over population in the U.S. is expected to nearly double over the next 30 years to 88 million from 48 million by 2050. The U.S. senior care market is also expected to have increase by more than 36% to $436.6 billion by 2018 from from $320 billion in 2013, a report from market research company BCC Research found.
- Cost is not the only challenge for elder care. Baby boomers had fewer children than previous generations, according to a study from Center for Retirement Research (CRR) at Boston College, which means they have fewer children to act as care givers. Current generations are also more likely to live far away from their parents, making it more likely people will opt to pay formal care providers to help with aging parents.
- As the need for elder care rises, the number of people opting for long-term care insurance is rising. Long term care accounts for 6% of Medicaid enrollees and 40% of Medicaid spending, according to a report from the Medicaid and CHIP Payment and Access Commission (MACPAC), a non-partisan policy agency.”1
To read the entire article, please click on the web link below:
https://www.marketwatch.com/story/heres-how-much-elder-care-costs-in-your-state-2017-06-26
Source: MarketWatch article, dated June 26, 2017, by Kari Paul. Located at:
http://www.marketwatch.com/story/heres-how-much-elder-care-costs-in-your-state-2017-06-26
Contact me at (941) 404-5334 to discuss your long term care options and/or get you started on the right track of getting yourself insured.