Is the Price of Senior Care Increasing?

Is the price of senior care going up?

It’s a fair question, considering everything that is going on with our economy and the difficult financial situation that many people currently find themselves in. Unfortunately, day to day expenses are getting really hard for a lot of people. So questioning how senior care is going to be paid for is a completely valid thing to do.

You might remember this from your high school economics class. As the demand for something goes up, the price of it goes up, too. And with the Baby Boomer generation aging and increasingly in need of assistance, the demand for senior care is going to keep going up over the next couple decades.

So yes, the cost of care is increasing. But this isn’t a surprise–or bad.

The price of senior care is going up across the country, but the cost seems to be less than that of inflation.

Between 2012 and 2019, senior care did go up in price. On average, the cost went up by about 2.4 percent per year. That’s not really a surprise, though. In fact, it likely means that the cost of care has gone down comparatively as the inflation rate per year since that period began has been 2.64 percent per year across the country. While any cost increase is certainly a cause for concern when dealing with limited finances, the fact that the rate increase has been less than inflation as a whole is actually a good thing. It means that the cost of care compared to the cost of living has gone down.

If you remember, demand isn’t the only thing that helps direct costs. Scarcity also plays a role in things. As more and more seniors age, we’re also in a unique period of time when we don’t have enough caregivers in the workplace. Now, there are ongoing initiatives to bring more caregivers to the workforce, but this hasn’t fully materialized in all parts of the country. Unfortunately, this is something that remains an ongoing problem. The pandemic has brought this to the public’s attention and there’s more awareness about the potential for an issue than ever before. Hopefully, it is not something that has a negative impact on the lives of too many people.

Being aware of these issues and taking action against them helps protect your family. Knowing what’s available in your immediate area can be a big help. Talking with care professionals well before senior care is ever needed can also help.

That’s why we’re happy to talk more about senior care with you. Paying for care can be a struggle for a lot of people, but there are a lot of options out there that can make it a little bit easier. If you’re looking to get connected to care, we’re happy to help get you pointed in the right direction. Give us a call today to start the conversation–one of our trained professionals can walk you through the process of getting connected and paying for care. We offer free consultations for just this purpose. Our hope is to help you and your family meet your unique set of needs. Get in touch today to get started.