In a recent study, about 40 percent of military families indicated that the cost of senior care caught them off guard because it was far more than what they had expected. In the study, the average cost per month for those helping with a family member’s care was over $1,300. What was even more surprising than this cost was the fact that the people receiving care were former members of the military, a group that many people believe will have free or cheap care as they age. As we see here, this isn’t always the case. Unfortunately, many individuals still have senior care bills large enough that family members must help out with much of the cost.
And there is even more bad news out of all of this: the cost of care is going up. This is inevitable, especially because of inflation and increased costs of living. One recent estimate indicated that a couple retiring in 2016 would need more than a quarter of a million dollars to safely retire on. Most people do not have that kind of money saved as they approach retirement. However, by taking steps early in life, we can help get closer to this number. If you still work, look into your employer’s retirement plans if you have not already done so. Look at IRA accounts and talk with a financial advisor to help figure out which course of action is best for you.
Senior care shouldn’t be a financial stressor, but for a lot of people it is. More than a third of the military families interviewed above that anticipated paying for care or were currently doing so said that they felt very or extremely financially stretched. Paying for care can be a huge issue for some, and many people don’t approach the subject early in life because it is such a scary concept. Military families especially are at risk because of the preconceived notion that the VA will offset costs. In many cases they do, but as we see, this isn’t universal. If you have an elderly loved one who is now getting ready to start senior care, the process might be even more stressful.
In the above mentioned survey, it was found that more than half of those that would be needing senior care anticipated that their care would take place within their home. In-home care has truly grown in popularity over the last decade, and we are not surprised. This type of care is far more personal and customized, it is cost effective, and it has the least amount of impact when it comes to changes in lifestyle. Seniors receiving this care often notice that their lives do not change, but instead they are made much easier. It is far less stressful than moving into a nursing home, and alleviating some of this stress makes paying for care much more feasible. We know it’s not perfect for everyone, but the fact that in-home care is being recognized for the good that it can do in people’s lives is exciting. If you’re beginning the search for senior care now, this is something worth considering.
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