Costs of Medical Care Continue to Rise
According to a recent study done by the National Investment Center, the annual cost of assisted living is $60,000, and 54 percent of seniors will be unable to pay it. Seniors struggle to be able to afford home medical services and assisted living.
But it gets worse.
The average life expectancy of people in the U.S. has gone up significantly over the years, which means seniors have to make their savings last longer. For example, an elder can expect to spend an average of $2,708 a month for assisted living expenses, and approximately $6,570 a month for nursing home expenses. More and more seniors are living into their late eighties and beyond. If an elder starts receiving assistance at the age of sixty-five and they live until their nineties, their limited income must be stretched further. This problem is compounded by two pressing issues:
- The number of medical problems increase with age
- The cost of treating these medical problems is also increasing
This issue is quietly festering into a national crisis.
The Problem in Numbers
According to a recent report done by the National Investment Center (NIC), by the year 2029, middle-income seniors will not have money for senior housing and home medical services. It also projected that 67 percent of seniors over the age of 75 will have three or more chronic conditions (9.6 million people), eight percent will have cognitive impairment (1.2 million people), and 60 percent will have mobility limitations (8.7 million people).
Caroline Pearson, one of the study’s lead authors and the senior vice president at NORC at the University of Chicago says, “In only a decade, the number of middle-income seniors will double, and most will not have the savings needed to meet their housing and personal care needs. Policymakers and the seniors housing community have a tremendous opportunity to develop solutions that benefit millions of middle-income people for years to come.”
Finding A Solution
As people age, one of their biggest priorities becomes staying home for as long as possible. Being able to take part in at-home care could postpone the need for (and the overall costs of) assisted living without compromising the quality of care they receive. The average cost of assisted living is over $3,600 per month; however, many seniors may be able to take advantage of cost-effective solutions like Stay Smart Care.
Stay Smart Care’s program could enable people to age in place as long as possible, and with a variety of program options available, specific services, and therefore costs, can be tailored to each individual’s needs. In addition, a care manager can help seniors and family members understand the best options for their situation.
Taking advantage of solutions like Stay Smart Care can help resolve the growing problem of seniors struggling to pay for care. Costs must be manageable if our aging loved ones are to have a chance at affording the care they deserve – not to mention us, ourselves, down the road.
Contact us to learn how affordable our aging-in-place services can be for your loved one