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At Home Care is Becoming Too Expensive for Most Seniors

Dollar bills

Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.

A new study has been published that shows how financially ill-prepared seniors are if they hope to receive in-home care as their long-term care option. According to this study, “only 57% of seniors over 65 with significant disabilities could afford to pay for at least two years of moderate home care if they liquidated all their assets.”

Many worry that in the near future, seniors may not be able to pay for the care they desperately need and the financial burden will fall to family or to Medicaid programs. In turn, the financial burden may be put on states to fund these programs and support their senior residents.

The workforce to support home-health care has also decreased which means less availability and higher costs. Some predict that 7.8 million caregiver jobs may be unfilled in the next seven years.