I recently read this interesting article from Morning Brew about the true costs of caregiving, and I wanted to share a summary with you.
So, the article highlights that caregiving is becoming a big challenge in the US as the population ages. By 2030, about one in five Americans will be over 65 years old, and many of them will need caregiving services. The problem is that caregiving is both expensive and time-consuming.
The Cost of Nursing Home Care is Prohibitive !
It explains that the average cost of a private room in a nursing home is now around $105,000 per year, while assisted living costs about $48,000 per year. Crazy, right? And it’s even worse when you consider that the median income for a 65+ household is just $44,000. AARP put out some numbers a couple of years ago tracking the out of pocket costs for caregiving. You can see it here.
On top of the financial burden, caregiving takes a huge toll on caregivers’ physical and mental health. Many caregivers experience stress, anxiety, depression, and physical strain. The emotional impact on family members is enormous, as they often need to juggle their jobs, relationships, and caregiving duties.
Government Working to do More for Caregivers and Care Recipients
The Biden administration is trying to address the issue. People don’t know it but, Biden’s Build Back Better Act has provisions to actually invest in home- and community-based services This could potentially make caregiving a lot more affordable and accessible for many people. And, there’s also the possibility of expanding Medicare to cover long-term care expenses, but that’s still under debate as some in government don’t want to expand Medicare or Social Security.
In the meantime, the article suggests that individuals should plan ahead for their own long-term care needs. This includes looking into long-term care insurance, considering alternative living arrangements, and having open discussions with family members about their wishes and preferences.
Basically, that’s the gist of it! We all know that caregiving is a big challenge now and will be in the future. And that’s why it’s essential to plan for the future to make sure we can all age gracefully.
Take a look at the complete article here.
Bryan Williams
Physical Therapist
is a licensed therapist with near 30 years of professional experience treating a diverse patient population in a multitude of settings. With simple strategies, he educates and empowers his clients with simple strategies to help them move better and with less pain.