Is the Cost of Care Really Going Down?

Recent reports are indicating that the cost of care is going down for the elderly. On the surface, this is awesome news. Care is necessary for many people, and reducing the cost of it is very beneficial to a group of people who are already struggling with the burden of a drastically reduced income.

 

Current estimates say that more than 50 percent of people who are over the age of 65 will need some sort of long term care during their lifetimes. Helping to make this cost more manageable is definitely an important thing.

 

As you probably suspect because of this post’s title, there’s a bit more to the story than meets the eye. Yes, care costs are starting to level out, but that doesn’t mean that everyone is paying less for care. Thanks to the better overall health that seniors are experiencing, the average individual in need of senior care is living longer, and receiving that care for longer. While the per day cost of care may have stopped rising so dramatically, the need for care is increasing. As a result, many seniors are paying more for care than before.

 

The main reason is that heart health has improved for seniors overall. Instead of being at severe risk of dying from a heart attack or a stroke, people are living longer, higher quality of lives. For many seniors, the big risk is no longer heart disease, but dementia. On the whole, this is impacting people much later in life. Still, the need for care exists. And it exists for a longer period of time when it is needed. The cost might be dropping, but people are paying more.

 

The cost of care can be misleading for many seniors.

 

One of the things that many families are experiencing is that they are in a position where they must help offset the cost of care for an elderly loved one. This is frustrating, but there is hope for those that are feeling the crunch.

 

Senior care is an essential part of aging. Planning ahead of time effectively can help to make the cost of this a lot more manageable. Not everyone is capable of this, and many of those who are currently seniors won’t be able to use this option. If this is the case, then looking at what options are available to you that can help reduce the cost of care can be a good choice. Whether that means advice from your local Department of Social Services, speaking with a caseworker, or getting in touch with an elder care attorney, there are many avenues that can help you and your family to figure out just how to afford the cost of care.

 

And as always, if we can be of any help on our end, please feel free to contact us. One of our team members would be more than happy to assist you and answer your questions pertaining to care. We offer a free consultation service and would love to sit down and go over your options and help you find the perfect solution for your family.

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