What's the Cost of Growing Old?
It’s a dilemma most of us face eventually, for ourselves or our loved ones: how to handle the expense of aging. According to a new report from Caring.com, an online resource for caregivers for aging parents, spouses, and other loved ones, there are substantial differences in the quality and cost of elder care, depending on the state in which you live.
The Health and Human Services Department reports that, on average, a person turning 65 today in the United States will spend $138,000 on future long-term care costs. These costs include services associated with daily care – like help with eating and bathing – which about 50 percent of people will eventually need. Medicare doesn’t cover long-term care. According to the Kaiser Family Foundation, the average annual cost for extended care in a nursing home is $82,000, and home-based care and assisted living can cost more than $3,000 per month.
The highest quality of care for older adults often comes at a higher price. Caring.com reports that seven of the top 10 states for quality elder care also are among the most expensive. This is why it’s important to start having conversations about future plans early and plan for the financial – and emotional -- aspects of aging.