The cost of senior care keeps going up. Part of this is inflation; everything is consistently going up in price. However, senior care is becoming more inclusive and many more services are offered. And because public tax dollars that pay for a good portion of senior care are capped by regulations, a way to make up lost income here is also a necessity. Care is getting more and more costly, and the person that ends up suffering the most is the person most in need of care.
This happens for a number of reasons, but the biggest reason is that families end up not being able to afford the most appropriate care, and then Medicaid kicks in. When this happens, in many states the elderly person in need finds themselves in a nursing home–even if this isn’t necessarily the best place for them to be. Decisions are made based upon finances rather than the best care. Unfortunately, in our economic culture, this is how most decisions need to be made for us to survive. Luckily, state governments are realizing this isn’t the best choice for anyone. It provides those in need with inferior care and it is extremely costly for the state. Things need to change and they are, but it is still happening very slowly.
What should you do to fight rising costs? First, start saving now, if at all possible. Long term care insurance is helpful, but there’s always a chance that it will never be used. That’s not a likely probability now, but there’s still a chance it can happen. If you can, in addition to using an insurance policy, look at a savings account or a retirement plan. Some seniors can use their IRAs or 401(k) accounts for senior care, but many today do not have these. It’s smart for younger people to use these as they can be applied to cost of living later in life, too.
Consider this: even a relatively low service nursing home can cost over $100,000 per year. Even if you have insurance, even if you have a Social Security check coming in every month, the cost out of pocket can be a few thousand dollars each month. Most seniors cannot afford this without some sort of outside help. So they end up in a crowded nursing home where the service is less than adequate. Do you want your loved one to be in this situation? Of course not! Alternatives are needed.
In-home care and assisted living offer this to a degree. They offer a high quality, customized service, and they are a fraction of the price of a nursing home. The services are not nearly as intense, but there is a higher focus on fun and comfort, rather than medical care. Many people thrive under this lower impact care when they would just be burdened by a nursing home. If this is something that can help one or more of your elderly family members, it’s worth looking into.
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