Boca Home Care Services recommends to plan for your old age, past retirement, for illness, or disability. The costs are known, more or less, and it is critical to get an idea what these costs are for a loved one or for yourself in order to make the right choices in financial planning.
Adult Sons and Daughters have been providing more and more financial help to their aging parents. See the national average annual costs and daily rates for different types of Elder Care. (From the MetLife 2011 Market Survey of Long Term Care Costs – which also provide costs by state.) As the numbers show, home care is most cost effective and serves the individual in their own home, what most folks claim to want.
We may never want to place a loved one in a “facility” but sometimes it is the best place for them to be in terms of medical, socialization and overall care needs. If you made such a promise to a parent when they were younger or healthier, it may not be the right thing to do years later. Boca Home Care Services is a private duty home care company which believes in helping seniors remain at home, safely and independently as possible. We also meet and offer consultation to clients who are looking for a short term and longer term care plan, recommendations and general information.
The Costs of Elder Care:
Nursing home -semi private room - $214 daily $78,110 annually
Nursing home- private room - $239 daily $87,235 yearly
Assisted living Facility $3,447 monthly $41,724 yearly
Home Care-Home Health Aide (HHA) $21.00 hourly* $21,840 yearly
Home Care-Homemaker $19.00 hourly* $19,760 yearly
Adult day services (Dementia day Care) $70.00 daily $18,200 yearly
* – about 3 hours a day
According to MetLife’s study, nearly ten Million people, fity years or older are caring for their elderly parents. As our parents live longer with various medical conditions, their need for some type of assistance increases also. two out of three family caregivers are middle aged daughters who may have their own children, young or older in their household. This caregiver usually gives up their income earning agility, decreases it or is spending their own money directly on parental care, thus depleting their own retirement funds.
All these numbers will explode with the baby Boomers hitting retirement and then going into their own 70s then 80s. The next 15-20 years will be most interesting in terms of caring for our loved ones, ourselves and the burdens on our own children. Policy has to change. Individuals have to plan much earlier and come up with new solutions. Communal living, later retirement, government or insurance funding… all ideas are welcome and needed. The time to plan is now. Where will you be at 83 or 93???
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