Elderly and Cost of Aging, part 1

Consider the costs for your elderly parent(s) to live out their remaining years in a nursing home. While costs may vary nationwide, in Massachusetts the expense for a private room may easily exceed $140,000 per year. This is based on an annualized private room rate at or above $385. per day. Costs for semi-private rooms likely exceed $110,000 per year based on an average of $310. per day. These numbers are staggering!

Healthcare costs for seniors grow exponentially from one’s 50s to mid-90s. And many, many elderly Americans depend heavily on Social Security and retirement pension income. But the Social Security bucket may be at or near empty by the time most baby boomers are in their 90s. The supply of funds is not keeping up with the increased costs of healthcare services combined with longer lifespans.

Is long term health care insurance an option? It certainly is for some seniors, and may be worthwhile to investigate. But like any insurance policy, the costs to carry monthly premium payments are less expensive the earlier in life you can afford to start. By delaying until later years, you are faced with higher premiums. So you can start young, and pay alot of money over many years. Or start later in life, and pay alot more per month in your advanced years.

Bring care services into the home. In-home care is less expensive.

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