According to at least one study, the cost of senior care is expected to double over the next ten years. A report out of Canada indicates that the national cost of senior care across the country is expected to double from 2021, with an estimated nationwide cost of $30 billion, to $60 billion by the end of 2031. While this is a frightening prospect for people that are early in their senior years or approaching them, it isn’t necessarily all bad.
A lot of this increase in cost is because the Baby Boomer population is getting older. The earliest Baby Boomers–those born in the time period directly following the Second World War–are now in their mid 70s and many are at the point where care is now necessary.
This does not mean that seniors will necessarily bear the brunt of all of these costs. These estimates look at a national average, and not an individual cost. When you take into account the extra scrutiny that senior care is currently under because of the failed response to COVID-19 and the fact that the senior population itself is rapidly expanding, many of these extra costs now make more sense.
But just because the cost of care might go up across the country does not mean that you need to go broke paying for the care of a loved one. In fact, there are things that can be done to help lower your expenses and still ensure that a loved one gets the high quality of care that they deserve.
It’s important not to panic when you come across articles like the one I am referring to. (If you’re interested in reading it, you’ll find it here.) The growing senior population, inflation, and many other factors all impact what care is going to cost in the future, and there’s not too much that we can do about it as individuals. However, even though care is likely to go up in cost for the foreseeable future, it doesn’t necessarily mean that we are all going to be negatively impacted by it. Being prepared, taking steps to save money to offset costs (when possible), and understanding that you don’t need to get the most expensive type of care to adequately meet a loved one’s needs are all important parts of making care more affordable and accessible.
This is where something like in-home care can be a valuable asset to your family. In-home care tends to cost a small fraction of what a nursing home would cost. Additionally, in-home care can be customized to meet needs over time, saving expenses like moving and transitioning to a new care service. Add in insurance, savings, and other supplements, and care doesn’t need to be a bank-breaking event.
Like so many other things, the further ahead you plan for this, the more prepared you will be. Speak with a care planner that you trust to get started here. And always feel free to reach out to us here at Paradise In-Home Care if you’d like to learn more about what we do and how it can help your family.
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