According to a recent article by CNN, inflation is under control in the United States. The cost of items is not rising as fast as they once were. Jobs are being added to the economy, and spending is at a healthy level. These things look like they are going to continue in this pattern for the foreseeable future.
But even if the current statistics do indicate that inflation is under control, that doesn’t mean that handling living expenses is easy. The cost of living is prohibitively high in many communities and countless families are struggling under the weight of growing expenses. Even if inflation is seemingly under control right now, it was not that way not too long ago. We’re all still reeling from this in one way or another.
Inflation continues to have an impact on the cost of living for all of us.
The world of senior care is not exempt from the impact of inflation. In fact, one of the issues that the world of senior care is struggling with is the fact that the cost of care is rising faster than inflation. It is making it so that the average person is having more difficulty paying for care than they used to. Unfortunately, the majority of us are the “average” person. Ensuring that the people that we love have access to the care and support that they need to thrive as they age is becoming slightly more difficult across the board.
The annual rate of inflation year over year in September of this year was 2.4 percent. However, the cost of care during that same period was up by 8.7 percent. The cost of care is often invisible. It’s easy to see the price of milk or gasoline go up and down over time. But it’s not as easy to see that the average daily rate for a nursing home has gone up from where it was a year ago. It might not be easy to see, but climbing costs are hurting all of us.
Another part of the hidden cost of care that needs to be mentioned is that family members often leave their jobs or reduce their hours to help provide help as a family caregiver. This means less income coming into the home as a result. It makes covering the cost of living that much more difficult for the average family.
What can you do to offset care costs and make this easier for your family? The best thing that you can do is to start planning early. This isn’t always possible for everyone, though. But knowing what resources are out there and utilizing them is something that can be done at any time.
Do you have questions about paying for the care of an older loved one? We’re here to help. We offer a free consultation session designed to talk about your needs, your situation, the financial side of things, and what the best way to handle things might be. Please feel free to give us a call to talk more. We’d be happy to help get you steered in the right direction and toward the ideal care for your loved ones.
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