What To Do When The Cost Of Senior Care Is Breaking The Bank

Whether it’s a parent who sacrificed everything to provide for you or a spouse who’s been by your side for decades, you know that when the time comes to provide senior care that quality is what matters most.

At the same time, budgets are tight for millions of families these days and the cost of providing that care is only getting higher with each passing year. So how do you make ends meet? Unfortunately, too many people in this situation simply have no good options.

Making the least bad choice

News stories and anecdotes from across the United States describe elderly folks giving up on retirement plans or family members putting their lives on hold to help care for aging loved ones. With more baby boomers entering old age, the issue is becoming even more pronounced as the economy barrels toward an uncertain future.

There are some options out there, but each one has some potential downsides that could make them deal-breakers for families in various situations.

Staying at home can mean constant care from family, friends, or neighbors, which might not be feasible. A live-in caregiver might be an option for those who can afford it, but that’s not sufficient for some people.

Assisted living facilities can cost a massive amount and most seniors are understandably wary about moving into a nursing home. Without Medicaid coverage, any of these options can quickly become unaffordable.

There’s hope on the horizon

If there’s a bright spot to the current situation it’s that elected officials and advocates across the country are pushing for change and introducing concepts that should help fix the root problems.

A program in Washington will allocate a small portion of payroll taxes to provide long-term care coverage and similar efforts are underway in California and Michigan.

Chris Agee March 22nd, 2023

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