Posted on 04/27/2023 6:58:28 AM PDT by ChicagoConservative27
As many as 80% of aging adults in America lack the financial resources to pay for two years of nursing home care or four years of an assisted living community.
That’s according to a new study from the National Council on Aging (NCOA) and the LeadingAge LTSS Center at the University of Massachusetts Boston.
Additionally, 60% of older adults — or 24 million households — would not have the funds to pay for in-home long-term care, despite the fact that they would prefer to “age in place,” per a report from NCOA.
Researchers analyzed 2018 data from the Health and Retirement Study, which was a joint effort by the National Institute on Aging and the Social Security Administration that surveyed some 20,000 U.S. adults about their net wealth.
(Excerpt) Read more at nypost.com ...
Need more in home care to assist the family.
Most nursing home residents have their fees paid by Medicaid (not to be confused with Medicare).
Take care of your own family, just like folks did for ages before now.
Are there no prisons? Are there no workhouses?
Ebeneezer, is that you??
Or eggs.
America does not have the money to assist its elderly tax-paying citizens and at the same time fund endless wars. Something’s gotta give.
Too bad, old folks. The decision has been made. You lose.
>>Take care of your own family, just like folks did for ages before now.
Easier said then done - back when this was common, you usually had a working husband and a stay-home wife who might also be able to do this - with two working spouses it is much harder to just absorb this extra responsibility - especially if the elders can’t be home by themselves safely.
How many people can afford to lose one salary to take on this work? how many are even willing?
No solutions to offer, but it’s a huge problem for a lot of people and its going to get worse.
That’s what I told my parents.
Nursing homes are phenomenally expensive.
It’s less expensive to hire personal assistants.
The biggest problem I can see is too many institutions live off grandma’s money.
A private school teacher told me 85% of the tuitions are paid for by grandparents.
A private university in town relies on grandparents paying at least part of their grandchildren’s way.
The hospitals want to live off grandma’s money when she is old and dying.
The nursing home wants a big chunk of grandma’s money.
So what happens when future generations don’t have all that money to pony up?
The entire business model of many institutions will collapse. I don’t know why they can’t see this coming.
How do we provide for that? Do we set up government programs for such aid? There are some insurance plans you can buy which cover such care, but they are very expensive, and not affordable for most middle class people.
>>My Grandma was in a assisted living for a few months. 3,500 a month!
From the article:
The national average cost for assisted living is around $4,500 per month
Upscale assisted living could be higher than $12,000 per month.
>>My Grandma was in a assisted living for a few months. 3,500 a month!
$3500 is a deal. Last I checked it was $7K/month for a middle-of-the-road facility near me.
and when you think about it, if you don’t have to pay rent, food, utilities, maintenance etc - being able to live someplace and have all that taken care of for you for $42K a year, plus get help with medical and personal care - it is really not that unreasonable to me.
Those with some assets (or their heirs and lawyers) transfer their assets and they become indigent, so taxpayers can pick up their tab.
For those with no assets or minimal assets, it's not a problem.
“Something’s gotta give”
I lol when .gov tells us oldsters to make sure and get vaccinated.
If we die they win—no way I will do anything they recommend.
Talk about Catch-22.
If you Can afford to pay, then pay, OR you end up selling everything to pay for nursing home.
If you are broke,, you get nursing home paid for my Medicade.
OR self pay until you are broke, then give everytihng to the state and Then get Medicade to pay for it.
Either way, the state will get everything you own one way or another
80% of aging adults in America lack the financial resources to pay for two years of nursing home care or four years of an assisted living community.
Thanks to Biden’s war on energy add eggs, milk and bread to that list.
When in the last 100 years was that ever affordable!
Stupid headline.
Indians would wander off when it was time.
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