Why Aging in Place Has Never Been More Expensive

Staying in your home as you age is called “aging in place”. In 2013 a 78-year-old woman was rushed to hospital following the collapse of her spinal cord. Her daughter, Laura, was left to deal with her mother’s physical care and dementia, her health altogether declining at a rapid pace. This was time-consuming and eventually left Laura penniless and unemployed at the age of 63.

How aging in place affects adult children.

Although some seniors have prepared for their future, many haven’t, assuming Medicare would cover their costs. Medicare, however, does not cover the long-term daily care needed that millions of aging Americans require. Moreover, to qualify for Medicare’s assistance, they will need to have less than $2 000 dollars in assets. 

Many families and elderly parents want in-home care without a complete and thorough understanding of unseen costs that accumulate over time. It also affects work-life balance for some. Laura opted for this way of care, losing clients and eventually her business. Caring for a high-need individual can be a full-time job and may prevent you from earning an income. 

Many people who are home caregivers also struggle mentally. Unfortunately, much of their efforts go unnoticed and unappreciated. Paid caregiver’s situations are different but no less extreme. There is almost no labor protection for them, and it is incredibly physically taxing work.

What actions can be taken to try and resolve this? 

The government’s understanding of who should provide care remains rooted in the belief in family responsibility. Unfortunately, this devalues paid caregivers and makes it challenging for family members to receive reimbursement for their labor as part-time caregivers.

As The Aspen Institute Writes in The True Cost Of Caregiving, “a care system that is equitable, affordable, and of high quality will not only improve financial security for US households but will greatly benefit the economy.”

One possible solution would be to invest federal funds into creating a useful program, allowing seniors to obtain services that give them a sense of independence. Each person’s needs are specific and unique, and all seniors should have access to assistance and care that increases their sense of dignity, without hampering the day-to-day life and financial future of their family. 

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*Disclaimer: This blog post was inspired by a recent article posted by Vox. To view the original, click here.