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.
According to a study, in the next decade, 50% of middle-class Americans over the age of 75 will not be able to afford their care. This is in part due to the ever-rising cost of care. One woman who conducted the survey stated that middle-class seniors are usually overlooked when it comes to creating regulations or laws to help them pay for care. Low-income seniors will have government subsidized care while the wealthier seniors will be able to pay for their care themselves.
People are also living longer so if they do enter a facility, they may have to pay for their care for many years. If these seniors choose to live in their home, their safety may be jeopardized as these homes may not be set up for the difficulties seniors run into like slipping in the shower or tripping over items in the house.
Classically, spouses or daughters have taken care of seniors but with the changes to marriage patterns, lower birth rates and the children living farther from parents, it makes it exponentially more difficult for the seniors to be cared for by family.READ MORE