According to a study that was recently published by Health Affairs, more than half of those Americans that are aged 75 or older will be unable to afford their senior care costs ten years from now. This is an overwhelmingly tough statistic to take in, but because it is a predictive statistic, there’s a lot of time to take action and try to reverse this trend–both for our own sake and for that of our family members.
The cost of senior care is a growing concern for the general public. Once someone stops earning a regular income because of retirement, the cost of care can become an almost impossible obligation for them to fulfill. Luckily, the sooner you start planning for this, the better off most people will be. Rising costs are a concern for those on a fixed income, but help is out there.
Things can become a bit more difficult to address when things like dementia or disability become an issue, especially for those in the middle income bracket. And because these things are usually lifelong issues, the ability to afford quality care will become tougher over the years. Taking preventative measures to improve health, prepare for the cost of care, and having a plan in place well before it’s needed can all help you to increase the amount of influence that you have over your family’s situation.
Ultimately, when it comes to senior care, there are a lot of “what ifs.” When it comes down to it, there’s not much that we can do to predict the future or change care laws. These are things that are dependent on a lot of different factors, and we have control over very few of them. What we do have control over is how our families react to and prepare for the need for care. Statistics say that more than 50 percent of seniors will need long term care at some point in their lives. Odds are, it will become a need in your family. Knowing this can help you to take steps now to make sure that this process goes as smoothly as possible. That might mean saving extra money here and there, or it might mean starting the search for a caregiver with a special skill set early. Each family will have different needs and will need to act accordingly.
Whatever your unique situation might be, you have help on your side. If you have questions about planning for senior care–whether that need might be years down the road or immediate–please feel free to use us a resource. Between our blog and our free consultation services, we have a lot of easy to access advice and expertise for you. And it comes with no obligation on your end. And, if you do think we’ll be a good fit for your family when it comes to providing care, we would be happy to work with you as you make this potentially difficult time for your family as easy and stress-free as possible.
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